Amazon founder Jeff Bezos announced Tuesday that he plans to sell about $5 billion worth of stock in the company, the same day the e-commerce giant’s stock price hit a record high.
Bezos revealed in a Securities and Exchange Commission (SEC) filing that he plans to sell 25 million shares of Amazon stock. Earlier in the day, the stock hit a record high of $200.43.
Amazon shares fell below $200 on Wednesday, but the stock has risen nearly 32% this year, outpacing the Dow Jones Industrial Average’s 4% gain.
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After the sale, Bezos would own approximately 912 million shares of Amazon stock, or 8.8% of the outstanding shares.
In February, he sold shares worth about $8.5 billion after the stock price rose 80% in 2023.
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According to Forbes, Bezos is the second richest person in the world with a net worth of $214.4 billion. He is also the founder of space company Blue Origin, which launched a crew of six to the edge of space in May.
Amazon reported upbeat first-quarter results in April as the Seattle tech giant rode the wave of artificial intelligence. The company recently replaced Adam Selipsky as head of its cloud computing unit with insider Matt Garman.
Reuters contributed to this report.
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