Jeff Bezos plans to offload billions of dollars’ worth of Amazon shares

Jeff Bezos, the founder, former president, and CEO of Amazon, has announced his intention to sell shares worth $5 billion, following a successful run with Amazon’s market value skyrocketing. The tech mogul’s decision comes after the company’s shares rose by 30% this year, driven by optimism about the potential of AI technology. Amazon recently hit a market valuation of $2 trillion, but still lags behind other tech giants like Nvidia, Apple, and Microsoft, which have crossed the $3 trillion mark. Bezos previously sold 50 million Amazon shares worth $8.5 billion in February 2024, building on his previous philanthropic efforts by parting ways with shares in 2022. This move comes after Bezos stepped down as Amazon’s chief executive in 2021. The success of Amazon’s bets on AI technology was reflected in the company’s quarterly earnings report in April. Bezos’ decision to sell shares is seen as a strategic move to capitalize on the company’s strong performance and potential for growth in the future.

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