Amazon founder Jeff Bezos has announced plans to sell another 25 million shares in the technology giant, valued at nearly $5 billion (£3.9 billion).
This decision follows a recent surge in the company’s stock market value, which hit an all-time high on Wednesday.
In February, Bezos revealed he would sell Amazon shares worth approximately $8.5 billion, marking his first sale of company shares since 2021.
The company’s shares have climbed more than 30% this year, driven by optimism that increasing demand for artificial intelligence (AI) technology will enhance earnings in Amazon’s cloud computing business.
Last month, Amazon’s stock market valuation surpassed $2 trillion for the first time, though it still trails other tech behemoths like Nvidia, Apple, and Microsoft, each of which has crossed the $3 trillion mark.
At the end of April, Amazon reported strong quarterly earnings, indicating that its strategic focus on AI is yielding positive results. This comes as Bezos continues to play a significant role in the company as its executive chair, having stepped down as CEO in 2021. He remains Amazon’s largest shareholder.
Bezos founded Amazon in 1994 in a garage in Bellevue, Washington, initially operating as an online bookseller boasting the world’s largest collection of ebooks. Since then, Amazon has grown into one of the world’s premier online retail and cloud computing companies.
In addition to his achievements with Amazon, Bezos also founded the rocket company Blue Origin, which made headlines in May by sending six customers to the edge of space.
According to the Forbes Billionaires list, Bezos is the world’s second-richest person, with an estimated net worth of around $214 billion.
Chioma Kalu
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