Jeff Bezos To Sell $5 Bn Worth Of Amazon Shares After Stock Hits Record High
The proposed sale of 25 million shares was detailed in a notice filed after market hours on Tuesday
Amazon founder Jeff Bezos is set to sell nearly USD 5 billion worth of shares in the e-commerce giant, as revealed in a recent regulatory filing.
The disclosure came after Amazon’s stock soared to an all-time high of USD 200.43 during the trading session. This year, Amazon’s stock has surged over 30 per cent, significantly outpacing the modest 4 per cent gain of the Dow Jones Industrial Average.
The proposed sale of 25 million shares was detailed in a notice filed after market hours on Tuesday. Following this sale, Bezos will still hold around 912 million Amazon shares, representing approximately 8.8 per cent of the company’s outstanding stock. This isn't the first major sale by Bezos this year; in February, he sold shares worth about USD 8.5 billion following an 80 per cent rally in Amazon’s stock throughout 2023.
Bezos, who is the second-richest person in the world with a net worth of USD 214.4 billion according to Forbes, also heads the space company Blue Origin. Blue Origin recently made headlines in May with the successful launch of a six-person crew to the edge of space.
Amazon has been riding a wave of success, particularly with its impressive first-quarter results in April, boosted by advancements in artificial intelligence. In a recent leadership change, the company appointed insider Matt Garman as the new head of its cloud computing unit, replacing Adam Selipsky.
