Jeff Bezos considers selling $5 billion Amazon shares

Jeff Bezos, the founder and executive chair of Amazon, is considering selling nearly $5 billion worth of shares in the e-commerce giant. This decision comes as Amazon's stock price reached a record high, hitting $200.43 during a recent trading session. The proposed sale of 25 million shares was disclosed in a regulatory filing issued after the market closed on Tuesday. Amazon's stock has seen a remarkable increase of over 30% this year, outperforming the Dow Jones Industrial Average index's 4% gain.

After the planned sale, Bezos would still own approximately 912 million Amazon shares, representing 8.8% of the total outstanding stock. Earlier this year, in February, Bezos sold shares valued at around $8.5 billion following an 80% surge in the stock price. With a reported net worth of $214.4 billion, Bezos currently holds the title of the world's second-richest individual, according to Forbes. In addition to Amazon, he is also recognized for founding the space company Blue Origin, which achieved a milestone by sending a six-person crew to the edge of space in May.

Amazon recently announced strong first-quarter results, attributing its success to advancements in artificial intelligence. The company, headquartered in Seattle, made a significant leadership change by appointing Matt Garman as the new head of its cloud computing unit, replacing Adam Selipsky.

Jeff Bezos's decision to sell a substantial amount of Amazon shares reflects the company's impressive performance in the market. With ongoing developments and leadership changes at Amazon, the e-commerce giant continues to innovate and expand its reach. Stay updated on the latest news and insights by subscribing to our newsletter for curated stories delivered straight to your inbox.