Jeff Bezos, the world’s second-richest person, has revealed his plans to sell off billions in Amazon shares. According to a securities filing on Tuesday, Bezos is looking to sell 25 million Amazon shares worth nearly $5 billion. This decision comes after Amazon’s stock hit a record high of $200.43 and the company reached a $2 trillion market cap last week.
Bezos is cashing out some of his Amazon shares as the stock reached an all-time high this week. The Amazon cofounder has filed a notice with the SEC to sell 25 million Amazon shares worth close to $5 billion. This move follows Amazon’s stock price hitting $200.43 and the company’s market cap reaching $2 trillion for the first time last week. The year-to-date, Amazon’s stock has risen by 32%, making it a lucrative time for Bezos to sell some shares.
Despite this sale, Bezos will still hold over 900 million Amazon shares. Since stepping down as CEO of Amazon in 2021, Bezos has focused on philanthropy and his rocket company, Blue Origin. Despite these sales, Bezos still holds about 8.8% of Amazon and serves as the company’s executive chairman. His net worth is estimated at $222 billion, making him the second wealthiest person in the world behind Elon Musk.