Amazon founder Jeff Bezos plans to sell an additional 25 million shares of the company, valued at nearly $5 billion (£3.9 billion).
This decision follows a record high in the company’s stock market value achieved on Wednesday.
Earlier in February, Bezos announced the sale of Amazon shares worth approximately $8.5 billion, marking his first sale since 2021.
The company’s stock has increased by over 30% this year, driven by expectations that the rising demand for artificial intelligence (AI) technology will enhance earnings in its cloud computing sector.
In June, Amazon’s market valuation exceeded $2 trillion for the first time, although it still lags behind tech giants Nvidia, Apple, and Microsoft, which have all surpassed the $3 trillion mark.
Amazon’s robust quarterly earnings report at the end of April highlighted the success of its AI investments.
Jeff Bezos, who stepped down as CEO in 2021 but remains the executive chair and largest shareholder, founded Amazon in 1994 in a Bellevue, Washington garage when the internet was still nascent.
Initially an online bookseller with the world’s largest collection of ebooks, Amazon has since evolved into a leading online retail and cloud computing powerhouse.
In addition to Amazon, Bezos founded the rocket company Blue Origin, which sent six customers to the edge of space in May.
According to the Forbes Billionaires list, Bezos is the world’s second richest person, with an estimated net worth of around $214 billion.
Source-BBC
