Jeff Bezos to offload $5-billion in Amazon shares

Jeff Bezos at the Blue Origin launch site

Amazon founder and executive chair Jeff Bezos is planning to sell almost US$5-billion worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high.

The proposed sale of 25 million shares was disclosed in a notice filed after market hours on Tuesday. The stock had hit an all-time high of $200.43 during the session. It has jumped more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average index.

After the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock. He sold shares worth roughly $8.5-billion in February, after the stock rallied 80% in 2023.

Bezos is ranked the second-richest person in the world with a net worth of $214.4-billion

Bezos is ranked the second-richest person in the world with a net worth of $214.4-billion, according to Forbes. He is also the founder of space company Blue Origin, which launched a six-person crew to the edge of space in May.

Amazon posted upbeat first-quarter results in April, as the Seattle-based technology giant rode the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman. — Deborah Sophia, (c) 2024 Reuters