Jeff Bezos, founder of Amazon, has announced plans to sell another 25 million shares in the tech giant, totaling nearly $5 billion. This move comes as Amazon’s stock market value reached a record high, with shares rising by over 30% this year. The company’s success is largely attributed to the growing demand for AI technology, which is expected to boost earnings in its cloud computing business.
Last month, Amazon’s market value surpassed $2 trillion for the first time, though it still lags behind competitors such as Nvidia, Apple, and Microsoft, which have all exceeded $3 trillion. Amazon’s quarterly earnings report in April highlighted the success of its AI investments, demonstrating that the company’s strategy is paying off.
Jeff Bezos, who founded Amazon in 1994 and transitioned from CEO to executive chair in 2017, remains the company’s largest shareholder. Amazon began as an online bookseller but has evolved into a global leader in online retail and cloud computing. Bezos also founded Blue Origin, a rocket company that recently sent customers to the edge of space.
According to the Forbes Billionaires list, Bezos is currently ranked second richest person in the world with an estimated net worth of approximately $214 billion. His strategic vision and entrepreneurial spirit have been pivotal in shaping Amazon’s success and solidifying its position as a powerhouse in the tech industry.