(qlmbusinessnews.com Fri. 5th July, 2024) London, UK —

“Bezos to Offload $5bn in Amazon Stock Following AI-Driven Growth”

Amazon founder Jeff Bezos has announced plans to sell an additional 25 million shares in the technology behemoth, valued at nearly $5bn (£3.9bn). This move follows a record-breaking surge in Amazon’s stock market value earlier this week.

In February, Bezos revealed his intention to sell Amazon shares worth approximately $8.5bn, marking his first share sale since 2021. The company's shares have soared by over 30% this year, fuelled by expectations that rising demand for artificial intelligence (AI) technology will enhance earnings in its cloud computing division.


Amazon’s market valuation exceeded $2tn for the first time last month, yet it still trails behind tech giants Nvidia, Apple, and Microsoft, all of which have surpassed the $3tn milestone.

At the end of April, Amazon reported strong quarterly earnings, indicating that its strategic focus on AI is yielding positive results. Bezos, who stepped down as CEO in 2021, remains the executive chair and the largest shareholder of the company he founded in 1994 in a garage in Bellevue, Washington. Originally an online bookseller, Amazon has since evolved into a global leader in online retail and cloud computing.

In addition to Amazon, Bezos founded the aerospace company Blue Origin, which successfully sent six customers to the edge of space in May. According to Forbes’ Billionaires list, Bezos is the world's second richest person, with an estimated net worth of around $214bn.

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