Amazon founder Jeff Bezos Sells $5 Billion in Shares as Stock Market Soars

Jeff Bezos, the founder of Amazon and Blue Origin, has announced plans to sell 25 million shares in the tech giant, valued at nearly $5 billion. This decision comes as Amazon’s stock market value reached a record high last Wednesday. This is the first time since 2021 that Bezos has sold Amazon shares, with the company’s shares rising by over 30% this year.

Despite stepping down as Amazon’s CEO in 2021, Bezos remains the company’s executive chair and largest shareholder. He founded Amazon in a garage in Bellevue, Washington, in 1994, initially as an online bookstore with the largest collection of ebooks. Over the years, Amazon has evolved into a leading online retailer and cloud computing provider.

The increase in share value is attributed to growing demand for artificial intelligence (AI) technology, expected to boost earnings at Amazon’s cloud computing business. Last month, Amazon’s market valuation exceeded $2 trillion for the first time, although it still lags behind other major tech firms like Nvidia, Apple, and Microsoft, which have surpassed the $3 trillion mark.

In addition to his work at Amazon and Blue Origin, Bezos is also known for his philanthropic endeavors through The Bezos Family Foundation and Blue Origin Foundation. According to Forbes Billionaires list he is still considered one of the world’s richest person with an estimated net worth of around $186 billion after selling some shares .