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Amazon founder and executive chair Jeff Bezos is planning to sell almost $5 billion worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high.
The proposed sale of 25 million shares was disclosed in a notice filed after market hours on Tuesday.
The stock had hit an all-time high of $200.43 during the session. It has jumped more than 30 per cent so far this year, outpacing the 4 per cent gain in the Dow Jones Industrial Average index, according to a Reuters report.
After the sale plan, Bezos would own about 912 million Amazon shares or 8.8 per cent of the outstanding stock.
He sold shares worth roughly $8.5 billion in February after the stock rallied 80 per cent in 2023.
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.
Amazon posted upbeat first-quarter results in April, as the Seattle-based technology giant rode the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman.