Amazon founder Jeff Bezos plans to sell an additional 25 million shares of the tech giant, valued at nearly $5 billion (£3.9 billion).
This decision follows a peak in Amazon’s stock value last Wednesday. Earlier this year, Bezos had announced a sale of Amazon shares worth approximately $8.5 billion, marking his first major sell-off since 2021.
Amazon’s stock has surged over 30% this year, driven by expectations of increased earnings from its cloud computing business due to growing demand for artificial intelligence (AI) technology.
Despite Amazon reaching a market valuation of over $2 trillion recently, it still trails behind tech giants like Nvidia, Apple, and Microsoft, all of which have surpassed the $3 trillion mark.
Bezos, who founded Amazon in 1994, continues to serve as its executive chair and remains its largest shareholder after stepping down as CEO in 2021.
He also founded Blue Origin, a rocket company that achieved a milestone in May by sending six customers to the edge of space.
According to Forbes Billionaires list, Bezos ranks as the world’s second richest person with an estimated net worth of approximately $214 billion.
Source: BBC
https://www.bbc.com/news/articles/c51yvm3354qo