Amazon founder and executive chair Jeff Bezos is preparing to offload almost $5 billion worth of shares in the e-commerce behemoth, according to a recent regulatory filing. This move comes after Amazon’s stock reached an unprecedented high.
The plan to sell 25 million shares was revealed in a notice filed post-market hours on Tuesday. Earlier in the day, Amazon’s stock had peaked at an all-time high of $200.43. This year alone, the stock has surged over 30%, significantly outpacing the 4% gain seen in the Dow Jones Industrial Average index.
Following this sale, Bezos would retain ownership of approximately 912 million Amazon shares, accounting for about 8.8% of the company’s outstanding stock. Earlier this year, in February, Bezos sold shares valued at approximately $8.5 billion after Amazon’s stock had skyrocketed by 80% in 2023.
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Ranked as the second-richest person globally with a net worth of $214.4 billion according to Forbes, Bezos’s wealth is not limited to Amazon. He is also the founder of the space exploration company Blue Origin, which successfully launched a six-person crew to the edge of space in May.
Amazon has been riding a wave of success, bolstered by strong first-quarter results announced in April. The Seattle-based tech giant has capitalized on the burgeoning artificial intelligence sector, contributing to its robust performance.
Recently, Amazon made a significant leadership change by appointing insider Matt Garman to replace Adam Selipsky as the head of its cloud computing division.
With these developments, Bezos continues to strategically manage his vast portfolio, while Amazon persists in its trajectory of innovation and growth.