Amazon founder Jeff Bezos on Tuesday disclosed his plans to sell some $5 billion worth of his shares in the company, the same day the e-commerce giant's stock hit a record high.
Bezos revealed in a Securities and Exchange Commission (SEC) filing that he plans to offload 25 million Amazon shares. Earlier in the day, the stock price reached an all-time high of $200.43.
Amazon shares ticked down below $200 on Wednesday, but the stock is up nearly 32% year-to-date, outpacing the 4% gain of the Dow Jones Industrial Average index.
AMAZON TOPS $2 TRILLION, JOINS ELITE TECH CLUB
After the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock.
He sold shares worth roughly $8.5 billion in February, after the stock rallied 80% in 2023.
JEFF BEZOS, LAUREN SANCHEZ LIVE IT UP DURING GREEK VACATION
Bezos is ranked the second-richest person in the world with a net worth of $214.4 billion, according to Forbes. He is also the founder of space company Blue Origin, which launched a six-person crew to the edge of space in May.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Amazon posted upbeat first-quarter results in April, as the Seattle-based technology behemoth rode the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman.
Reuters contributed to this report.
