Amazon founder Jeff Bezos has announced plans to sell an additional 25 million shares in the technology powerhouse, valued at almost $5 billion.
The decision, which is the company’s first sale since 2021, comes after a surge in the company’s stock market value, which reached unprecedented levels on Wednesday.
Amazon’s shares have soared by over 30% this year, driven by the optimism surrounding the increasing demand for artificial intelligence (AI) technology, which is expected to boost earnings in Amazon’s cloud computing business.
Last month, Amazon’s stock market valuation surpassed $2 trillion for the first time, though it still trails other tech giants like Nvidia, Apple, and Microsoft, each of which has crossed the $3 trillion mark.
In late April, Amazon announced robust quarterly earnings, underscoring the success of its strategic emphasis on AI. This development coincides with Bezos maintaining a prominent position as its executive chairman following his resignation as CEO in 2021. He remains the company’s largest shareholder.
Bezos, who also founded the rocket company Blue Origin, which sent six customers to the edge of space, is the second richest person in the world according to Forbes, with an estimated net worth of around $214 billion.
