Amazon founder Jeff Bezos has announced plans to sell 25 million shares in the tech giant, valued at nearly $5 billion. This decision comes as Amazon’s stock market value reached a record high last Wednesday. This is the first time since 2021 that Bezos has sold Amazon shares, with the company’s shares rising by over 30% this year.
The increase in share value is attributed to growing demand for artificial intelligence (AI) technology, expected to boost earnings at Amazon’s cloud computing business. Last month, Amazon’s market valuation exceeded $2 trillion for the first time, although it still lags behind other major tech firms like Nvidia, Apple, and Microsoft, which have surpassed the $3 trillion mark.
Despite stepping down as Amazon’s CEO in 2021, Jeff Bezos remains the company’s executive chair and largest shareholder. He founded Amazon in a garage in Bellevue, Washington, in 1994, initially as an online bookstore with the largest collection of ebooks. Over the years, Amazon has evolved into a leading online retailer and cloud computing provider.
In addition to his work at Amazon, Bezos also founded Blue Origin, a rocket company that sent six customers to the edge of space in May. According to the Forbes Billionaires list, he is the world’s second richest person with an estimated net worth of around $214 billion.