Jeff Bezos set to sell Amazon shares worth billions of dollars

Jeff Bezos founded Amazon in 1994 in his garage in Washington. What started as an attempt to build the largest book retailer outlet went on to become one of the world’s largest leading online retail companies. Jeff Bezos, the founder, former president, and CEO of this technology giant, is currently the world’s second-richest person. Recently, the tech mogul announced his intention to sell billions of dollars’ worth of Amazon shares. The sale is preceded by another sell of shares in February 2024.

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Jeff Bezos sells Amazon shares worth $5 billion

Jeff Bezos announced he will be selling another chunk of Amazon shares that worth equal to $5 billion. The news came days after Amazon had a successful run with its market value sky rocketing on Wednesday. As reported by BBC, the shares of the Amazon performed well with a visible rise of 30% this year.

This increase is because people believe that more and more companies will want to use AI technology. This would mean that the part of the company that sells cloud computing services could make a lot more money in the future.

Amazon for the first time topped its market evaluation with $2 trillion last month but still lacks in comparison to technology giants like Nvidia, Apple and Microsoft that have crossed the $3 trillion mark. Amazon’s bets on AI also turned fruitful according to the numbers reported in April after the quarterly earnings.

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Bezos sells Amazon shares in February 2024

In February 2024, Bezos sold another set of 50 million Amazon shares worth $8.5 billion within nine trading days. At the time, according to BBC, Amazon shares had risen by 76% in the previous year. He also parted ways with a set of shares in 2022 as part of his philanthropy. Prior to sold off in February, the last time the media proprietor sold Amazon shares was in year 2021. It was the same year he stepped down from his position as the chief executive of the company.