Amazon founder Jeff Bezos is planning to sell almost $5 billion worth of shares in the e-commerce giant, a regulatory filing showed. This comes as the stock hit a record high of $200.43 during the session. The proposed sale of 25 million shares was disclosed in a notice filed after market hours.
Following the sale, Jeff Bezos would own about 912 million Amazon shares or 8.8% of the outstanding stock. In February this year, Jeff Bezos also sold shares worth roughly $8.5 billion after the stock rallied 80% in 2023.
As per Forbes, Jeff Bezos is ranked the second-richest person in the world with a net worth of $214.4 billion. He is also the founder of space company Blue Origin, which launched a six-person crew to the edge of space in May.
Amazon stock has jumped more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average index. The company posted upbeat first-quarter results in April as the technology giant rides the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman.
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Source: https://www.hindustantimes.com/business/jeff-bezos-to-sell-5-billion-amazon-shares-as-stock-hits-record-high-101720058757724.html