Seattle, Washington – Amazon founder Jeff Bezos announced plans to sell another 25 million shares in the technology giant, totaling nearly $5 billion. This decision comes after Amazon’s stock market value reached a record high on Wednesday, reflecting a significant financial move by Bezos.
The sale of these shares marks the first time since 2021 that Bezos has offloaded Amazon stock. The company’s shares have experienced a notable increase of over 30% this year, driven by expectations of heightened demand for artificial intelligence (AI) technology benefiting its cloud computing business.
In a strategic move, Amazon’s stock market valuation surpassed $2 trillion for the first time last month. Despite this achievement, the company still lags behind other major tech firms like Nvidia, Apple, and Microsoft, all of which have exceeded the $3 trillion mark in market capitalization.
Bezos, who transitioned from his role as Amazon’s CEO in 2021 to become the executive chair, remains the company’s largest shareholder. He founded Amazon in 1994 in Bellevue, Washington, starting as an online bookseller with the world’s largest collection of ebooks. Over time, Amazon has evolved into a global leader in online retail and cloud computing services.
Additionally, Bezos established Blue Origin, a space exploration company that recently sent six customers to the edge of space. With an estimated net worth of about $214 billion, Bezos holds the title of the world’s second richest individual, according to the Forbes Billionaires list. His entrepreneurial ventures continue to shape the tech and space industries, solidifying his standing as a prominent figure in the business world.