Amazon founder Jeff Bezos is planning to sell nearly $5 billion worth of the company’s stock as its share price reaches an all-time high. The proposed sale of 25 million shares was disclosed in a regulatory filing after market hours on Tuesday. This comes as Amazon’s stock price has surged to $200.43, a 30 percent increase since the beginning of the year, far outpacing the Dow Jones Industrial Average.
If approved, Bezos would still own about 8.8 percent of Amazon’s outstanding shares, holding around 912 million shares. This planned sale follows a previous $8.5 billion worth of stock sold in February when the stock rose 80 percent.
Bezos, who is considered the second-richest person in the world with an estimated net worth of $214.4 billion, is also the founder of space company Blue Origin. Blue Origin recently launched a crew to the edge of space in May.
Amazon’s value has been significantly driven by the rise of artificial intelligence, with companies utilizing Amazon Web Services (AWS) for its computing power and advanced software. One of its clients is the Australian government, which is utilizing AWS to build a “top-secret” cloud for military and intelligence agencies at a cost of $1.3 billion.
The Australian government emphasized that this agreement will lead to greater interoperability and collaboration with the United States. In line with its global expansion, Amazon announced plans to invest $9 billion in Singapore to enhance its cloud infrastructure, following previous investments in cloud services in Malaysia and Thailand.
Overall, Amazon’s growth and valuation have been heavily influenced by its focus on cloud and AI technologies, leading analysts to predict that it will continue to be a major player in the AI revolution. With Bezos’ plan to sell a significant portion of his Amazon stock, the tech giant’s trajectory and role in shaping the future of technology remain at the forefront of industry discussions.
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https://www.aljazeera.com/amp/news/2024/7/4/jeff-bezos-to-sell-5bn-in-amazon-shares