Jeff Bezos, founder of Amazon and the world’s second richest person, has announced plans to sell 25 million shares in the tech giant, valued at nearly $5 billion. This decision comes as Amazon’s stock market value reached a record high last Wednesday. Despite stepping down as CEO in 2021, Bezos remains the company’s executive chair and largest shareholder. He founded Amazon in a garage in Bellevue, Washington, in 1994, initially as an online bookstore with the largest collection of ebooks.
The increase in share value is attributed to growing demand for artificial intelligence (AI) technology, expected to boost earnings at Amazon’s cloud computing business. Last month, Amazon’s market valuation exceeded $2 trillion for the first time, although it still lags behind other major tech firms like Nvidia, Apple, and Microsoft, which have surpassed the $3 trillion mark.
In addition to his work at Amazon and Blue Origin, Bezos has also been involved in several philanthropic endeavors through his foundation The Bezos Family Foundation. The foundation focuses on early childhood education and homelessness initiatives.
Bezos is not new to selling shares of Amazon. In fact, this is the first time since 2021 that he has sold Amazon shares
