- Amazon founder Jeff Bezos plans to sell another 25 million shares of the tech giant Amazon
- Amazon is valued at nearly $5 billion
- This decision follows Amazon’s stock market value reaching a record high on Wednesday
- Amazon’s stock has surged over 30% this year
- Last month, Amazon’s market valuation surpassed $2 trillion for the first time
Jeff Bezos to sell another $5bn of Amazon shares
Amazon founder Jeff Bezos plans to sell another 25 million shares of the tech giant, valued at nearly $5 billion. This decision follows Amazon’s stock market value reaching a record high on Wednesday. In February, Bezos announced he would sell around $8.5 billion worth of shares, marking his first sale since 2021.
Amazon’s stock has surged over 30% this year, driven by high expectations for the company’s earnings from growing demand for artificial intelligence (AI) technology in its cloud computing business. Last month, Amazon’s market valuation surpassed $2 trillion for the first time, although it still lags behind tech giants Nvidia, Apple, and Microsoft, each valued at over $3 trillion.
Bezos, who stepped down as Amazon’s chief executive in 2021 but remains its executive chair and largest shareholder, founded the company in 1994 in a garage in Bellevue, Washington. Initially an online bookseller, Amazon has evolved into a leading online retail and cloud computing company.
In addition to his work with Amazon, Bezos founded the rocket company Blue Origin, which successfully sent six customers to the edge of space in May. According to Forbes, Bezos is the world’s second richest person with an estimated net worth of around $214 billion.
Jeff Bezos plans to sell 25 million Amazon shares worth roughly $5 billion after $AMZN hits a new all-time high. pic.twitter.com/tjeuMFmzWM
— App Economy Insights (@EconomyApp) July 3, 2024