\n
![](\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/07\/Jeff-Bezos-plans-to-sell-5B-in-Amazon-shares-900x600.png\")
<\/p>\n [ad_1]
\n<\/p>\n
Amazon\u2019s founder and executive chair, Jeff Bezos, is planning to sell nearly $5 billion in shares of the e-commerce powerhouse, according to a regulatory filing<\/a>.<\/p>\n This proposed sale of 25 million shares came after trading hours on Tuesday, following the stock\u2019s climb to a record peak of $200.43 earlier in the day. This year, Amazon\u2019s stock has surged over 30 per cent, significantly outperforming the 4 per cent increase seen in the Dow Jones Industrial Average. Expectations are strong that the rising demand for artificial intelligence (AI) technology will boost profits in the cloud computing sector.<\/p>\n In February, it was announced that he would sell Amazon shares valued at approximately $8.5 billion. This was the first time Bezos had sold Amazon shares since 2021.<\/p>\n Following the planned sale, Bezos will retain approximately 912 million Amazon shares or 8.8 per cent of the outstanding stock. In April, Amazon reported strong first-quarter results, buoyed by the surge in artificial intelligence. Last month, Amazon\u2019s market valuation surpassed $2 trillion for the first time<\/a>.<\/p>\n However, it still trails behind other major tech companies such as Nvidia<\/a>, Apple<\/a>, and Microsoft, each of which has exceeded a $3 trillion valuation<\/a>.<\/p>\n Bezos, who is ranked as the world\u2019s second-richest person<\/a> with a net worth of $214.4 billion according to Forbes, stepped down as CEO of Amazon in 2021 and now serves as its executive chair. He remains the largest shareholder of the company.<\/p>\n He established Amazon in 1994 in a Bellevue, Washington garage during the early days of the internet.<\/p>\n Originally an online bookstore with the world\u2019s largest collection of ebooks, Amazon has since evolved into one of the leading global entities in online retail and cloud computing.<\/p>\n Bezos also founded Blue Origin<\/a>, a rocket company that, in May, sent six passengers to the edge of space. He is an investor of AI startup Figure AI<\/a>, which is working to build humanoid robots that can perform dangerous and undesirable jobs.<\/p>\n Featured image: Canva \/ DoD photo by Senior Master Sgt. Adrian Cadiz<\/a><\/em><\/p>\n<\/p><\/div>\nHow many Amazon shares does Bezos own?<\/h2>\n