Amazon founder Jeff Bezos plans to sell $5 billion worth of shares


image Source, Getty Images

image Caption, Amazon's market value exceeded $2 trillion last month

  • Author, joao da silva
  • Role, Business Reporter

Amazon founder Jeff Bezos said he will sell 25 million shares in the technology giant, worth about $5 billion (£3.9 billion).

The decision comes after the company's stock market value hit a record high on Wednesday.

This was the first time since 2021 that Mr Bezos had sold Amazon shares.

The company's shares have risen more than 30% this year, as it expects rising demand for artificial intelligence (AI) technology will boost revenue from its cloud computing business.

Last month, Amazon's stock market valuation topped $2 trillion for the first time.

However, it still lags behind other major technology companies Nvidia, Apple, and Microsoft, all of which have crossed the $3 trillion mark.

Amazon reported strong quarterly earnings in late April, showing that the company's bet on AI is succeeding.

Mr. Bezos resigned as the company's chief executive officer in 2021 and is currently its executive chairman and remains its largest shareholder.

He founded Amazon in a garage in Bellevue, Washington, in 1994, when the Internet was in its infancy.

The company began as an online bookseller, claiming to have the largest collection of e-books in the world.

Amazon has since become one of the world's leading online retail and cloud computing companies.

He also founded the rocket company Blue Origin, which sent six customers to the edge of space in May.

According to the Forbes Billionaires list, Mr Bezos is the second-richest person in the world, with an estimated net worth of around $214 billion.

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