Amazon Shares Reaches Record High, Founder Jeff Bezos Plans to Sell USD5 Billion in Shares

The share price of e-commerce and technology company Amazon has reached a record high. Company founder Jeff Bezos plans to sell approximately 25 million shares. Its value will be around five billion dollars. In February this year also, Bezos had sold shares of Amazon.

Despite selling this stake, Bezos will have more than 91 crore shares. This is about 8.8 percent stake in the company. Bezos, the second richest person in the world, has a net worth of more than $221 billion. Apart from Amazon, he also holds a major stake in rocket maker Blue Origin and newspaper Washington Post. Amazon’s shares reached a high of $200 on Tuesday. Its stock is rising due to the company’s investment in Artificial Intelligence (AI) and the possibility of benefit from it in cloud computing business.

Amazon’s stock has increased by about 32 percent this year. In February this year, Bezos snatched the position of the world’s richest person from Elon Musk, chief of electric vehicle company Tesla and social media platform This was the first time in almost three years that Bezos had achieved the first position in the Bloomberg Billionaires Index. Last year, Bezos had said that he planned to give a large part of his billion-dollar wealth to charity.

He had said that a large amount of his donation would be spent on efforts to combat climate change. Apart from this, they will also help people who are working to unite humanity across social and political divisions. Apart from this, he has also announced the creation of Bezos Earth Fund. Under this, a grant of about 10 billion dollars will be given to help in the conservation of nature. In the last few years, Amazon has laid off a large number of workers to reduce costs. It had also conducted layoffs in India and the Labor Ministry had sought a response from the company on this. The company had offered Voluntary Separation Program (VSP) to the workers who were subject to retrenchment in the country. Amazon has about one lakh workers in the country.