Amazon CEO Jeff Bezos to sell $5 billion worth of company shares as stock hits record high

In a recent filing, billionaire Jeff Bezos announced his intention to sell an additional 25 million shares of Amazon, as the company's stock reached a new high of $200.43. Bezos, who also owns The Washington Post, has not provided a reason for the sale, but it follows a pattern of reducing his stake in the online retailer. After this latest sale, Bezos would retain approximately 8.8% of Amazon shares, amounting to around 912 million shares. This move is part of a larger trend, with Bezos having already sold shares worth an estimated £10.5 billion this year, including a significant amount in February. Since stepping down as Amazon's CEO in 2021, Bezos has shifted his focus to his space venture, Blue Origin. He recently expressed a desire for Blue Origin to accelerate its progress, citing this as one of the reasons for his departure from Amazon. This venture has put Bezos in competition with fellow tech billionaire Elon Musk, who leads SpaceX. Bezos, currently the world's second-richest individual with an estimated net worth of £168 billion, has been actively involved in advancing space exploration through Blue Origin, which successfully launched a crew to the edge of space in May. The sale of Bezos' Amazon shares comes amidst a strong performance by the e-commerce giant, with its stock rising by nearly 32% year-to-date, outpacing the Dow Jones Industrial Average index. Amazon's positive first-quarter results, driven by advancements in artificial intelligence, have contributed to its stock's growth. Bezos' decision to sell a significant portion of his shares aligns with his ongoing commitment to Blue Origin and his strategic reallocation of resources. As Bezos continues to navigate his various ventures, including Amazon and Blue Origin, his actions are closely watched within the tech and business communities for their potential impact on these industries.