Jeff Bezos to Sell Amazon Shares Worth $5 Billion, Share Price Hits Record High

Amazon founder Jeff Bezos plans to sell nearly $5 billion worth of shares in the e-commerce giant, regulatory filings show, after the stock hit a record high.

The proposed sale of 25 million shares was disclosed in an after-hours filing Tuesday. The shares hit a record high of $200.43 during the session.

It has risen more than 30% this year, outpacing the 4% gain in the Dow Jones Industrial Average.

Bezos previously sold $8.5 billion worth of shares over a nine-day period in February, his first sale of company stock since 2021.

After the latest sale plan, Bezos — Amazon’s chief executive and the world’s second-richest person with a net worth of $214 billion, according to Forbes — would still own 8.8% of Amazon’s stock, or 912 million shares.

Amazon posted upbeat first-quarter results in April as the Seattle-based tech giant capitalized on the artificial intelligence wave.

The company recently replaced Adam Selipsky as head of cloud computing, with Matt Garman taking his place.

Bezos, who also owns aerospace equipment company Blue Origin and The Washington Post, announced in November that he was moving from Seattle to Miami, a move that likely saved him about $430 million in taxes by not having to pay capital gains tax in Washington state, according to Fortune.

Bezos isn’t the only one selling off most of his stock as his company’s share value soars.

Nvidia CEO Jensen Huang sold $169 million worth of stock in June, the most he has sold in a single month.

Nvidia declined to comment on the sale.

The AI ​​chip maker’s shares have soared — up 166% since January — in line with a surge in demand for cutting-edge software.

The company’s CEO sold 1.3 million shares the same month the company briefly overtook Microsoft to become the world’s most valuable company.

As Nvidia’s fortunes grew, so did its CEOs.

Huang’s net worth has more than doubled in the past six months and, according to Forbes, he is now the 12th richest person in the world with a net worth of $112 billion.

With postal wires