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Reports: Jeff Bezos to sell $5B worth of shares as stock hits all-time high

An Amazon company logo marks the facade of a building, March 18, 2022, in Schoenefeld near Berlin. Amazon was fined $7,000 after a 20-year-old employee died while operating a mobile lift in an area with insufficient headroom at a facility in Fort Wayne, Indiana, in May 2023. (AP Photo/Michael Sohn)

INDIANAPOLIS (WISH) — Amazon’s founder Jeff Bezos announced his intention to sell an additional 25 million shares in the tech behemoth, a move expected to yield nearly $5 billion, according to BBC.

This decision follows a surge in the company’s stock market value, which reached a record high on Wednesday.

Earlier this year, Bezos had disclosed plans to sell Amazon shares valued at approximately $8.5 billion, marking the first such sell-off since 2021. Amazon’s shares have soared by over 30% in 2024, driven by optimism surrounding the burgeoning demand for artificial intelligence technology, set to bolster earnings in its cloud computing division.

Last month, Amazon achieved a significant milestone as its market valuation surpassed $2 trillion for the first time. Nevertheless, it trails behind tech giants Nvidia, Apple, and Microsoft, all of which have surpassed the $3 trillion valuation mark.

The company’s recent quarterly earnings report showcased robust performance, underscoring the dividends of its AI investments. Bezos, who transitioned from CEO to executive chair in 2021, retains his position as Amazon’s largest shareholder.

Amazon Web Services announced plans to invest an estimated $11 billion in Indiana, creating at least 1,000 new jobs and marking the largest capital investment in the state’s history.

Founded by Bezos in a Bellevue, Washington garage in 1994 during the nascent days of the internet, Amazon initially focused on online book sales, boasting the world’s largest collection of eBooks. Since then, it has evolved into a global leader in online retail and cloud computing.

In addition to Amazon, Bezos is renowned for founding the aerospace manufacturer Blue Origin, which successfully sent six customers to the edge of space in May. With an estimated net worth of approximately $214 billion, Bezos currently ranks as the world’s second wealthiest individual according to Forbes’ Billionaires list.

Source: BBC