Amazon (AMZN.O) founder and executive chair Jeff Bezos is set to sell nearly $5 billion worth of shares in the e-commerce giant, according to a regulatory filing, following the stock reaching a record high.
The planned sale of 25 million shares was revealed in a notice filed after market hours on Tuesday. During the session, the stock hit an all-time high of $200.43. This year, the stock has surged over 30%, significantly outperforming the Dow Jones Industrial Average index (.DJI), which has gained 4%.
Following this sale, Bezos will own approximately 912 million Amazon shares, or 8.8% of the company’s outstanding stock. He previously sold shares worth about $8.5 billion in February, after the stock climbed 80% in 2023.
With a net worth of $214.4 billion, Bezos is the second-richest person in the world, according to Forbes. He also founded the space company Blue Origin, which launched a six-person crew to the edge of space in May.
Amazon reported strong first-quarter results in April, driven by the rising influence of artificial intelligence. The company recently appointed Matt Garman, an insider, to replace Adam Selipsky as head of its cloud computing unit.
