Amazon founder Jeff Bezos announced his plans to sell an additional 25 million shares of the tech giant, currently worth nearly $5 billion.
The news comes after the company’s stock value surged, reaching an all-time high this past Wednesday.
Earlier in February, Bezos revealed his intentions to divest approximately $8.5 billion in Amazon shares. This transaction marked his first sale of Amazon stock since 2021.
Amazon’s stock has climbed over 30% this year, fueled by expectations that the burgeoning artificial intelligence (AI) sector will boost profits in its cloud computing division.
Last month, Amazon’s market capitalization exceeded $2 trillion for the first time.
Despite this milestone, Amazon still trails behind other tech giants such as Nvidia, Apple, and Microsoft, each of which has surpassed the $3 trillion valuation.
Amazon recently reported strong quarterly earnings, highlighting the fruitful impact of its investment in AI technologies.
In 2021, Mr. Bezos transitioned from his role as chief executive to become the executive chair of the company, while continuing as its largest shareholder.
He founded Amazon in 1994 from a garage in Bellevue, Washington, during the early stages of the internet.
Originally an online bookstore with the world’s largest selection of ebooks, Amazon has grown into a major force in both online retail and cloud services.
Bezos also established the aerospace manufacturer Blue Origin, which recently transported six passengers to the edge of space.
According to the Forbes Billionaires list, Jeff Bezos ranks as the second wealthiest individual globally, with an estimated net worth of $214 billion.
