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Amazon founder Jeff Bezos is planning to sell more than $4bn (£3.2bn) of his shares in the company, as the stock hit a new record of $200.43 (£157.13) on Tuesday (2 July 2024).
The news also comes after it was revealed that Bezos would sell another 25 million shares, raising the total amount he has offloaded this year to almost £10.5bn worth of shares.
Post the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock.
Bezos stepped down from his role as CEO of the company in 2021, and instead transitioned to the role of executive chair.
He was succeeded by Amazon Web Services CEO Andy Jassy, who has been with the company since 1997.
According to the group’s first quarter results, Amazon’s net sales rose 13% to $143.3bn (£114.7bn), up from $127.4bn (£102bn), for the three months ended 31 March.
The online retailer’s operating income also increased to $15.3bn (£12.3bn) in the first quarter, compared with $4.8bn (£3.8bn) in the first quarter of 2023.
