Amazon recently saw its stock reach new heights while becoming the fifth company to cross $2 trillion in market value. Now, the e-commerce giant’s founder, Jeff Bezos, is looking to cash in on the surge.
In a Securities and Exchange Commission (SEC) filing made earlier this week, Bezos revealed that he plans to sell 25 million of Amazon shares. Based on Wednesday’s close price of $197.59, this amounts to around $5 billion.
This wouldn’t be the first time Bezos is taking the opportunity and selling Amazon shares while they are on a high. In early 2024, after the stock jumped by 80%, Bezos offloaded approximately $8.5 billion worth of the company’s shares. This was his first sale since 2021.
The shares of Amazon have benefited from a recent artificial intelligence craze. The company’s stock crossed the $200 per share mark on Thursday to reach a record high before sliding on Wednesday. Still, Amazon shares remain 31.79% up year to date.
Even with the most recent sale, Bezos will still own 8.8% of Amazon’s outstanding stock or 912 million shares. Bloomberg Billionaires Index places him second on the list of richest people in the world with an estimated personal wealth of $221.6 billion.