Amazon founder Jeff Bezos plans to sell $5 billion worth of shares after Amazon’s stock hit a record high of $200.43. In an SEC filing, Bezos revealed he will offload 25 million shares. Despite the announcement, Amazon shares dropped below $200 but remain up nearly 32% year-to-date, outperforming the Dow Jones Industrial Average’s 4% gain.
Following the sale, Bezos will hold about 912 million Amazon shares, or 8.8% of the company. Earlier this year, he sold $8.5 billion in shares after an 80% stock rally in 2023. Ranked the second-richest person globally with a net worth of $214.4 billion, Bezos also founded space company Blue Origin. Amazon posted strong Q1 results in April, boosted by AI advancements, and recently appointed Matt Garman as the new head of its cloud computing unit.