Jeff Bezos, the founder and former CEO of Amazon.com Inc (NASDAQ:AMZN), plans to sell shares of the company worth about $5 billion as the stock has hit an all-time high, a regulatory filing has shown.
Shares of Amazon closed at a record $200 on Tuesday but pulled back about 1% to $198 in the early afternoon on Wednesday.
In a notice filed after hours on Tuesday, Bezos proposed the sale of 25 million shares.
Following the sale, Bezos would still own about 912 million Amazon shares, representing 8.8% of the outstanding stock.
He sold 50 million Amazon shares worth about $8.5 billion in February after the stock gained 80% in 2023.
Amazon stock is up 30% in the year-to-date, substantially outperforming the Dow Jones Industrial Average index which has seen a 4% gain.