Amazon Founder Jeff Bezos Plans to Unload $5 Billion Worth of Shares | Latest Updates in Business and Economy

Amazon founder Jeff Bezos is planning to sell nearly $5bn worth of shares in the technology giant, as the company’s stock price has surged to an all-time high. This proposed sale by the world’s second-richest person comes as Amazon joins the exclusive club of companies with a $2 trillion valuation.

The planned sale of 25 million shares was disclosed in a notice filed after market hours on Tuesday, with the stock price climbing to $200.43. This marks a 30 percent increase from the beginning of the year, far surpassing the average gain in the Dow Jones Industrial Average index. Once the sale goes through, Bezos would still own about 8.8 percent of the outstanding stock, amounting to approximately 912 million Amazon shares.

Earlier this year, Bezos sold shares worth $8.5bn after the stock rallied 80 percent. With an estimated net worth of $214.4bn, Bezos is also the founder of space company Blue Origin, which recently launched a six-person crew to the edge of space.

Amazon’s value has been boosted by the increasing demand for artificial intelligence, with companies relying on its cloud computing subsidiary, Amazon Web Services (AWS), for computing power and advanced software. AWS has signed major contracts, including building a “top secret” cloud for the Australian government for $1.3bn, enhancing collaboration with the United States.

In addition to its cloud services, Amazon has announced plans to invest billions in expanding its cloud infrastructure in Singapore, Malaysia, and Thailand. The company’s strong financial performance and strategic investments indicate its position as a major player in the AI revolution.