Jeff Bezos to sell $5 billion in Amazon shares

Wednesday 10th July 2024 06:56 EDT

Amazon founder Jeff Bezos has announced plans to sell an additional 25 million shares in the tech giant, valued at nearly $5 billion (£3.9 billion), following a surge in the company's stock market value to a record high on Wednesday.

This move follows Bezos's earlier decision in February to sell Amazon shares worth approximately $8.5 billion, marking the first such sale since 2021. Amazon's shares have surged by over 30% this year, driven by expectations of increased demand for artificial intelligence (AI) technology, particularly in its cloud computing division.

Last month, Amazon's market valuation exceeded $2 trillion for the first time, although it trails behind tech giants Nvidia, Apple, and Microsoft, all of which have surpassed the $3 trillion mark. The company recently reported strong quarterly earnings, highlighting the success of its AI investments.

Jeff Bezos, who stepped down as Amazon's CEO in 2021 and now serves as its executive chair, remains the largest shareholder. He founded Amazon in 1994 in a Bellevue, Washington garage, originally focusing on online book sales before expanding into one of the world's foremost online retail and cloud computing companies.

In addition to Amazon, Bezos also founded Blue Origin, a rocket company that achieved a significant milestone in May by sending six customers to the edge of space. According to Forbes Billionaires list, he ranks as the world's second wealthiest individual with an estimated net worth of around $214 billion.

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