Amazon founder Jeff Bezos is planning to sell almost $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
Bezos previously unloaded $8.5 billion worth of shares over a nine-day period in February, the first time he sold company stock since 2021.
After the latest sale plan, Bezos — Amazon’s executive chair and the second-richest person in the world with a $214 billion net worth according to Forbes — would still hold 8.8% of Amazon, or 912 million shares.
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.
Bezos, who also owns aerospace manufacturer Blue Origin and The Washington Post, announced in November he was moving to Miami from Seattle, a move that Fortune reported likely saved him about $430 million in taxes without having to abide by a Washington state capital tax.
Bezos is not the only one selling off a load of shares while his company’s stock soars.
Nvidia CEO Jensen Huang sold $169 million worth of shares in June, the most he has sold in a single month.
Nvidia declined to comment on the sale.
The artificial intelligence chipmaker’s share value has spiked — up 166% since January — aligning with a steep growth in demand for the modern software.
The CEO made the 1.3 million share sale in the same month the company briefly surpassed Microsoft as the world’s most valuable company.
As Nvidia’s wealth has grown, so has its CEO’s.
Huang’s net worth more than doubled in the past six months and he is currently the 12th richest person in the world with a $112 billion net worth, according to Forbes.
With Post wires
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