Amazon founder Jeff Bezos has announced plans to sell an additional 25 million shares of the tech giant, valued at nearly $5 billion (£3.9 billion). This decision follows a surge in Amazon’s stock market value, reaching a record high on Wednesday. Earlier this year, Bezos had disclosed intentions to sell approximately $8.5 billion worth of Amazon shares, marking his first such move since 2021.
The rise in Amazon’s share price, up by over 30% this year, reflects investor optimism driven by expectations of increased demand for artificial intelligence (AI) technology, particularly benefiting the company’s cloud computing division. In May, Amazon achieved a significant milestone when its market valuation surpassed $2 trillion for the first time, though it still trails behind tech giants like Nvidia, Apple, and Microsoft, all of which have crossed the $3 trillion mark.
Amazon’s latest quarterly earnings report, released in April, underscored robust financial performance, validating the company’s strategic focus on AI investments. Jeff Bezos, who transitioned from CEO to executive chair in 2021, remains Amazon’s largest shareholder. He founded Amazon in 1994 in a garage in Bellevue, Washington, during the nascent stages of the internet. Initially starting as an online bookstore, Amazon quickly expanded its offerings to become a global leader in e-commerce and cloud computing.
Jeff bezos also established Blue Origin, a private aerospace manufacturer and spaceflight services company. In May, Blue Origin achieved a milestone by launching six customers to the edge of space. According to the Forbes Billionaires list, Jeff Bezos ranks as the world’s second richest individual, with an estimated net worth of approximately $214 billion.
