Jeff Bezos, the world’s second-richest individual, is planning to sell billions in Amazon shares according to a Tuesday securities filing. The Amazon founder intends to sell 25 million Amazon shares worth nearly $5 billion. This move comes as Amazon’s stock reached a record high of $200.43 and the company’s market cap hit $2 trillion last week. Despite selling some of his shares, Bezos will still retain over 900 million Amazon shares.
This announcement comes as Bezos filed a notice with the SEC to sell 25 million Amazon shares, valued at close to $5 billion on Tuesday. The decision to sell shares followed Amazon’s stock price hitting a record high of $200.43 and the company’s market cap reaching $2 trillion. Amazon’s stock was up 32% in the year so far, as of Tuesday. Bezos still holds a significant portion of Amazon’s shares, retaining over 900 million shares.
Earlier in the year, Bezos sold approximately 50 million Amazon shares worth around $8.5 billion in February, marking his first sale since stepping down as CEO of Amazon in 2021. Bezos has been focusing on philanthropy and his rocket company, Blue Origin, after relinquishing his role as Amazon’s CEO. He currently serves as the executive chairman of Amazon and holds about 8.8% of the company’s shares. Bezos’ estimated net worth is $222 billion, making him the second wealthiest person globally, trailing Elon Musk.