Jeff Bezos to Sell $5 Billion of Amazon Shares Amid AI Boom

Last updated: July 4, 2024
Jeff Bezos
Jeff Bezos by Daniel Oberhaus, 2019

Jeff Bezos, Amazon’s founder, plans to sell another 25 million shares of the tech giant, valued at nearly $5 billion. This decision follows Amazon’s recent stock market record highs, driven by the surging demand for artificial intelligence (AI) technology.

In February, Bezos announced the sale of Amazon shares worth about $8.5 billion, marking his first sale since 2021. This year, Amazon’s shares have soared over 30%, fueled by expectations that AI advancements will significantly boost earnings in its cloud computing division.

Last month, Amazon’s market valuation crossed the $2 trillion threshold for the first time, although it still trails behind other tech titans like Nvidia, Apple, and Microsoft, each exceeding $3 trillion in market cap.

Amazon’s robust quarterly earnings at the end of April confirmed that its investments in AI are paying off. Bezos, who stepped down as CEO in 2021, remains Amazon’s executive chair and its largest shareholder. He founded Amazon in 1994 in a Bellevue, Washington garage, initially as an online bookseller. The company has since evolved into a leading global player in online retail and cloud computing.

Beyond Amazon, Bezos also founded Blue Origin, his space venture, which successfully sent six customers to the edge of space in May. According to the Forbes Billionaires list, Bezos is the world’s second-richest person, with an estimated net worth of around $214 billion.

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About The Author

Co-Founder & Chief Editor
Jon Morgan, MBA, LLM, has over ten years of experience growing startups and currently serves as CEO and Editor-in-Chief of Venture Smarter. Educated at UC Davis and Harvard, he offers deeply informed guidance. Beyond work, he enjoys spending time with family, his poodle Sophie, and learning Spanish.
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Growth & Transition Advisor
LJ Viveros has 40 years of experience in founding and scaling businesses, including a significant sale to Logitech. He has led Market Solutions LLC since 1999, focusing on strategic transitions for global brands. A graduate of Saint Mary’s College in Communications, LJ is also a distinguished Matsushita Executive alumnus.
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