Amazon Hits Record High, Stock Up 32% YTD as Jeff Bezos Plans to Sell $5 Billion in Shares Amid AI Technology Surge

Jeff Bezos announced plans to sell 25 million more Amazon shares worth $5 billion on the day the stock reached a new record high. This news came after the market closed on Tuesday, though the sales could start as early as that day.

In February, Bezos sold about $8.5 billion worth of shares over nine trading days, his first sale since 2021. With this additional sale, his total sales this year would be around $13.5 billion, according to Bloomberg’s calculations.

After the sale, Bezos would still own nearly 912 million shares, or about 8.8% of Amazon. He remains the world’s second-richest person with a net worth of $221.6 billion, according to Bloomberg. Besides Amazon, he also owns Blue Origin, a space-exploration company, and the Washington Post.

Amazon declined to comment on the latest sales.

Amazon’s shares closed at $200 on Tuesday, the highest since its 1997 listing. The stock has surged 32% this year, boosted by expectations that its cloud business will benefit from the growth of generative AI technology.

Bezos, now 60, announced in November that he was moving to Miami from the Seattle area. Washington state introduced a 7% capital gains tax in 2022, which Florida does not have. This move likely saves Bezos hundreds of millions of dollars in taxes.