Amazon founder and executive chair Jeff Bezos is planning to sell almost $5 billion worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high.
The proposed sale of 25 million shares was disclosed in a notice filed after market hours on Tuesday (2 July). The stock had hit an all-time high of $200.43 during the session.
It has jumped more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average index .DJI.
Amazon Shares
After the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock.
He sold shares worth roughly $8.5 billion in February, after the stock rallied 80% in 2023.
Bezos is ranked the second-richest person in the world with a net worth of $214.4 billion, according to Forbes. He is also the founder of space company Blue Origin, which launched a six-person crew to the edge of space in May.
First-Quarter Results
Amazon posted upbeat first-quarter results in April, as the Seattle-based technology giant rode the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman.
On 26 June, Amazon.com hit $2 trillion (€1.87 trillion) in market value for the first time, becoming the fifth US company to surpass that level as optimism around artificial intelligence and potential interest rate cuts this year drove demand for technology-related stocks.
The e-commerce giant has also announced plans to launch a new dedicated website for Ireland – Amazon.ie – in 2025, as it seeks to enhance the retail experience for new and existing customers.
