According to a regulatory filing, Jeff Bezos, the founder and executive chairman of Amazon, intends to liquidate nearly $5 billion in shares of the e-commerce company following its recent record high
The proposed sale of 25 million shares was disclosed in a notice lodged after Tuesday’s market hours.
During the session, the stock reached an all-time high of $200.43. It has increased by over 30% thus far this year, surpassing the Dow Jones Industrial Average index’s 4% increase.
Following the sale proposal, Bezos would possess approximately 912 million Amazon shares, which accounts for 8.8% of the outstanding stock.
In February, he sold shares valued at approximately $8.5 billion, following an 80% increase in the stock price in 2023.
Forbes has classified Bezos as the second-richest individual in the world, with a net worth of $214.4 billion. He is also the founder of Blue Origin, a company that launched a six-person crew to the minimal space in May.
In April, the Seattle-based technology behemoth Amazon reported favorable first-quarter results as it capitalized on the momentum of artificial intelligence. Matt Garman, an insider, succeeded Adam Selipsky as the chief of the cloud computing unit.