Founder of Amazon, Jeff Bezos, has announced plans to sell an additional 25 million shares of the tech giant, valued at nearly $5 billion.
This decision follows a peak in the company’s stock market value earlier this week.
Earlier this year, Bezos had disclosed intentions to sell Amazon shares worth approximately $8.5 billion, marking his first such move since 2021.
Amazon’s stock has surged over 30% in 2024, driven by expectations of increased demand for artificial intelligence technologies, particularly benefiting its cloud computing division.
Last month, Amazon’s market capitalization exceeded $2 trillion for the first time, although it still trails behind Nvidia, Apple, and Microsoft, each surpassing the $3 trillion mark.
Amazon recently reported strong quarterly earnings, underscoring the success of its AI investments.
Bezos, who founded Amazon in 1994 from a garage in Bellevue, Washington, now serves as its executive chair and remains its largest shareholder.
Apart from Amazon, he also established Blue Origin, a space exploration firm that successfully launched six customers to the edge of space in May.
According to Forbes’ Billionaires list, Bezos ranks as the world’s second wealthiest individual with an estimated net worth of around $214 billion.