Amazon founder and executive chair Jeff Bezos is planning to sell nearly US$5 billion worth of shares in the e-commerce giant, according to a recent regulatory filing. This decision comes as Amazon’s stock reached a record high, hitting US$200.43 per share during a recent trading session. Bezos is set to sell 25 million shares, representing a significant portion of his holdings in the company.
After this sale, Bezos will still retain ownership of approximately 8.8% of Amazon’s outstanding stock, holding a total of 912 million shares. This move follows a previous sale in February when Bezos sold shares worth around US$8.5 billion after the stock surged by 80% in 2023. With a net worth of US$214.4 billion, Bezos remains the second-richest person globally, as per Forbes’ rankings.
Amazon has been performing well, posting positive first-quarter results in April, propelled by advancements in artificial intelligence technologies. The company made a recent leadership change within its cloud computing unit by appointing Matt Garman to replace Adam Selipsky. Amazon’s success can also be attributed to its foray into space exploration through Blue Origin, a venture founded by Bezos.
Bezos’ decision to sell shares at this juncture showcases a balancing act between capitalizing on Amazon’s soaring stock value and diversifying his investment portfolio. Amidst Amazon’s continued growth and innovative initiatives, Bezos remains a prominent figure in both the tech and space exploration sectors, shaping the future of these industries.
