Jeff Bezos, the founder and executive chair of Amazon, has announced plans to sell $5 billion of his Amazon shares, according to a recent regulatory filing.
This move comes at a time when Amazon’s stock has reached an unprecedented high, reflecting the company’s strong performance and investor confidence.
According to BBC, The filing, submitted after market hours on Tuesday, reveals Bezos’ intention to sell approximately 25 million shares, which would amount to nearly $5 billion based on current market values.
This decision follows Amazon’s stock hitting a record peak of $200.43 during the trading session, underscoring the company’s robust financial health and market position.
Amazon Stock IMpressive Growth in 2024
Amazon’s stock has demonstrated impressive growth in 2024, with a year-to-date increase exceeding 30%.
This performance significantly outpaces broader market indicators, such as the Dow Jones Industrial Average, which has only seen a 4% gain during the same period. The stark contrast highlights Amazon’s continued dominance in the e-commerce and cloud computing sectors.
Once the proposed sale is completed, Bezos will retain ownership of about 912 million Amazon shares, representing approximately 8.8% of the company’s outstanding stock.
This transaction follows a similar move earlier in the year when Bezos sold shares worth around $8.5 billion in February, capitalizing on Amazon’s remarkable 80% stock rally in 2023.
Despite this substantial divestment, Bezos’ financial status remains formidable. According to Forbes, he currently ranks as the second-richest person globally, with an estimated net worth of $214.4 billion.
This wealth not only stems from his Amazon holdings but also from his other ventures, notably Blue Origin, his space exploration company.
Blue Origin, another significant aspect of Bezos’ portfolio, has been making strides in the commercial space industry.
In May, the company successfully launched a six-person crew to the edge of space, marking a significant milestone in its mission to make space travel more accessible.
