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Jeff Bezos will offload $5 billion shares as stock hits record high

Bezos to sell millions of shares

Jeff Bezos, the founder of delivery and logistics giant Amazon, is set to sell almost $5 billion in shares as the stock price hits a record high.

A regulatory filing from the e-commerce giant shows Bezos offloading 25 million Amazon shares. The SEC filing is one of many on the Amazon investor relations section of the site.

Bezos cashes in on Amazon stock soaring

Amazon’s market cap hit $2 trillion for the first time, and stock prices rose to $200.43, showing a stock report that was up 32% year-to-date.

Bezos is still a significant shareholder, but he has looked to cash in on the record price drive for the delivery company. Some say he is planning a move with his funds to acquire the NFL team, the Seattle Seahawks, if rumors are to be believed.

This isn’t the first sale the man in the top 10 of the Forbes Rich List has made this year. In February 2024, he sold 50 million Amazon shares for roughly $8.5 billion across nine trading days.

In May, the billionaire parted with over a million shares in the company with his goal of selling 50 million shares by Jan 31, 2025.

He ranks in the rich list alongside Elon Musk, who has had a rocky 2024 compared to his billionaire compatriot. Musk has been offloading staff, cutting the price of vehicles, and outsourcing work throughout the year.

However, he won a massive windfall $56 billion pay packet vote, which made him the recipient of the largest singular bonus ever.

Musk might need the funds as the Securities and Exchange Commission’s hearing into his $44 billion Twitter takeover is looming.

The regulator filed a subpoena for Musk in October 2023 after he failed to give information to the investigation into the purchase. Rumors had surfaced that the money used to drum up the deal to buy Twitter might have bent a few of the SEC’s rules.

Image: Pixlr.

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