Jeff Bezos to sell $5 billion worth of Amazon stock after shares hit record high

Amazon founder Jeff Bezos on Tuesday revealed plans to sell about $5 billion worth of his shares in the company, sending the e-commerce giant’s stock price to a record high.

Bezos disclosed in a Securities and Exchange Commission (SEC) filing that he plans to sell 25 million shares of Amazon stock. Earlier in the day, the stock hit a record high of $200.43.

Amazon shares fell below $200 on Wednesday, but are up nearly 32% year to date, outpacing the 4% gain in the Dow Jones Industrial Average.

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Once the sale plan is complete, Bezos would own about 912 million Amazon shares, or 8.8% of the shares outstanding.

Bezos is smiling — Jeff Bezos attends the 10th Annual LACMA Art+Film Gala Presented by Gucci at the Los Angeles County Museum of Art in Los Angeles on November 6, 2021.

He sold about $8.5 billion worth of shares in February after the stock price rose 80% in 2023.

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Bezos is the world’s second-richest person, according to Forbes, with a net worth of $214.4 billion. He is also the founder of space company Blue Origin, which sent a six-person crew to the edge of space in May.

Jeff Bezos Speaks — Jeff Bezos talks about his space flight aboard Blue Origin’s New Shepard spacecraft during a news conference in Van Horn, Texas, July 20, 2021.

Amazon posted upbeat first-quarter results in April as the Seattle-based tech giant rode the artificial intelligence wave. The company recently replaced Adam Selipsky as head of its cloud computing unit with insider Matt Garman.

Reuters contributed to this report.

Source of original article: Jeff Bezos to sell $5 billion worth of Amazon stock after shares hit record high