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Jeff Bezos to divest $5bn of Amazon shares after stock reaches record high

July 7, 2024

Amazon founder and executive chair Jeff Bezos is set to sell nearly $5 billion worth of shares in the e-commerce giant, according to a regulatory filing disclosed after market hours on Tuesday.

This announcement comes on the heels of Amazon’s stock reaching an all-time high of $200.43 during the trading session.

The proposed sale involves 25 million shares and follows a significant rally, with Amazon’s stock surging over 30% this year, far outpacing the 4% gain in the Dow Jones Industrial Average index. Post-sale, Bezos will still retain approximately 912 million Amazon shares, representing 8.8% of the outstanding stock.

This move is not unprecedented for Bezos; he sold shares worth around $8.5 billion in February, following an 80% stock rally in 2023. Amazon’s strong performance in the first quarter, buoyed by the artificial intelligence trend, contributed to this stock surge.

Currently ranked as the second-richest person globally with a net worth of $214.4 billion by Forbes, Bezos continues to diversify his ventures. He is also the founder of Blue Origin, a space exploration company that successfully launched a six-person crew to the edge of space in May.