Amazon’s founder and executive chairman, Jeff Bezos, plans to sell 25 million shares of the company, worth about $5 billion. This decision follows Amazon’s stock hitting a record high of $200.43.
A regulatory filing revealed the proposed sale after market hours on Tuesday. Despite the stock’s impressive rise of over 30% this year, outpacing the Dow Jones Industrial Average’s 4% gain, Amazon shares dipped slightly by 1.21% to $197.59 on Wednesday.
After this sale, Bezos will own roughly 8.8% of Amazon, equating to about 912 million shares. Earlier in February, he had sold shares worth around $8.5 billion over nine days.
At 60 years old, Bezos is the second-richest person globally, with a net worth of $214.4 billion, according to Forbes. He also founded Blue Origin, a space exploration company.
In other news, Amazon announced it would discontinue its Astro for Business robot, aimed at small- and medium-sized businesses. This robot, originally launched for home use in 2021 and extended to business use last November, will stop functioning on September 25 as Amazon shifts its focus to household robots.
Amazon has also reported strong first-quarter results in April, benefiting from the surge in artificial intelligence.
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