Jeff Bezos will sell Amazon shares worth $5 billion, this is the reason behind the decision

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Amazon’s stock has risen more than 30% so far this year, outpacing the 4% rise in the Dow Jones Industrial Average. The technology giant is riding the wave of artificial intelligence, which led the company to report encouraging first quarter results in April.

Amazon founder Jeff Bezos has taken a very big decision. Jeff Bezos is going to sell shares worth about five billion dollars in the e-commerce giant. Amazon’s stock has reached a record high of $200.43 these days. The proposed sale of 25 million shares of Amazon has been revealed. This was done in a notice filed after the market closed.

After the sale, Jeff Bezos will own about 912 million Amazon shares or 8.8% of the outstanding stock. In February this year, Jeff Bezos also sold shares worth about $8.5 billion after the stock rose 80% in 2023. According to Forbes, Jeff Bezos is the second-richest person in the world with a net worth of $214.4 billion. He is also the founder of space company Blue Origin, which sent a six-person crew to the edge of space in May.

Amazon’s stock has risen more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average. The technology giant is riding the wave of artificial intelligence, leading to encouraging first-quarter results in April. The company recently hired Matt Garman to replace Adam Selipsky as the head of its cloud computing unit.

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