Jeff Bezos to Sell $5B in Amazon Shares Amid Record Stock Surge, Retains 8.8% Ownership
July 4, 2024Jeff Bezos, Amazon's Executive Chair and the second-richest person in the world, plans to sell an additional $5 billion worth of Amazon shares.
This sale adds to the $8.5 billion worth of shares Bezos has already sold in 2024, totaling around $13.5 billion for the year.
Despite the sales, Bezos will retain 8.8% ownership of Amazon, holding over 900 million shares.
Amazon's stock has surged 30% this year due to expectations surrounding AI technology growth, pushing the company's market valuation over $2 trillion.
The focus on AI technology has contributed to strong quarterly earnings for Amazon.
Jeff Bezos, who founded Amazon in 1994, remains the company's largest shareholder.
In addition to Amazon, Bezos also founded Blue Origin, a rocket company that recently sent customers to the edge of space.
Summary based on 10 sources
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Sources
The Guardian • Jul 3, 2024
Jeff Bezos to sell $5bn of Amazon shares after stock hits record highInsider • Jul 3, 2024
Jeff Bezos is cashing out billions in Amazon shares — againBBC News • Jul 4, 2024
Amazon founder Jeff Bezos plans $5bn share saleYahoo Finance • Jul 3, 2024
Bezos to Sell $5 Billion of Amazon as Shares Hit Record High