Jeff Bezos, Amazon’s founder and executive chair, has announced plans to sell nearly $5 billion worth of Amazon shares in July. This follows his earlier sale of $8.5 billion in shares in February, potentially bringing his total stock sales for the year to over $13.4 billion.
The announcement comes as Amazon’s market value recently surpassed $2 trillion, joining other tech giants like Microsoft and Alphabet. Amazon’s stock has risen by a third this year, driven by investor optimism about AI’s potential impact on its cloud division. However, its market value still trails behind Nvidia, Apple, and Microsoft, which have all exceeded $3 trillion.
Bezos, who stepped down as CEO in 2021 but remains the largest shareholder with about a 9% stake, has been focusing on other ventures. These include his space company Blue Origin and The Washington Post, which he acquired in 2013.
The billionaire’s recent relocation to Florida is seen by analysts as a move that could result in significant tax savings. Bezos has also been selling smaller amounts of Amazon shares to fund charitable initiatives, including $117 million for his educational non-profit, Day 1 Academies.
Amazon disclosed in February that Bezos planned to sell up to 50 million shares by January 2025, a process that began with the $8.5 billion sale that same month.
Meanwhile, Amazon is undergoing leadership changes, with Matt Garman recently taking over as head of its cloud business. His predecessor, Adam Selipsky, has sold over $3 million worth of Amazon stock since April.
