The founder of Amazon, Jeff Bezos, has announced his intention to sell an additional 25 million shares in the technology giant, valued at nearly $5 billion (£3.9 billion).
This follows the company’s stock market value reaching a record high on Wednesday.
In February, he disclosed plans to sell approximately $8.5 billion worth of Amazon shares, marking his first share sale since 2021.
The company’s shares have surged by over 30% this year due to expectations that increasing demand for artificial intelligence (AI) technology will enhance earnings in its cloud computing division.
Last month, Amazon’s market capitalization exceeded $2 trillion for the first time.
However, it still trails behind other major tech firms like Nvidia, Apple, and Microsoft, all of which have surpassed the $3 trillion mark.
Amazon’s strong quarterly earnings report in April highlighted the success of the company’s investment in AI.
Mr Bezos stepped down as the company’s chief executive in 2021 and is currently its executive chair and remains its largest shareholder.
He founded Amazon in 1994 in a garage in Bellevue, Washington, when the internet was still in its infancy.
The company began as an online bookseller, boasting the world’s largest collection of ebooks.
Since then, Amazon has evolved into one of the globe’s foremost online retail and cloud computing enterprises.
Additionally, Jeff Bezos founded the rocket company Blue Origin, which in May launched six customers to the edge of space.
According to the Forbes Billionaires list, Mr. Bezos ranks as the world’s second wealthiest individual, with an estimated net worth of approximately $214 billion.