Jeff Bezos To Sell $5 Billion In Amazon Shares As Stock Surges

Confidence UbaniJuly 4, 20241 Mins read459

Amazon founder Jeff Bezos has announced plans to sell another 25 million shares of the technology giant, valued at nearly $5 billion. This decision follows a record high in Amazon’s stock market value.

Earlier this year, Bezos revealed he would sell Amazon shares worth around $8.5 billion. It would be his first sale of shares since 2021. Amazon’s stock has increased by over 30% this year – this is driven by expectations that growing demand for artificial intelligence (AI) technology will enhance earnings in its cloud computing business. Last month, Amazon’s market valuation surpassed $2 trillion for the first time. However, it still lags behind other major tech firms like Nvidia, Apple, and Microsoft, all of which have crossed the $3 trillion mark. As earlier reported, Nvidia surpassed Microsoft in June to become the most valued firm globally.

In April, Amazon reported quarterly solid earnings owing to the success of its investment in AI. Bezos, who stepped down as Amazon’s CEO in 2021, currently serves as the company’s executive chair and remains its largest shareholder. He founded Amazon in 1994 in a garage in Bellevue, Washington, initially as an online bookseller.

Over the years, the company has evolved into one of the world’s leading online retail and cloud computing companies. According to the Forbes Billionaires list,Bezos is the world’s second-richest person, with an estimated net worth of around $214 billion.