Bezos Sells Another 7 Trillion Won Worth of Amazon Shares... Has the Stock Price Peaked?

Stock Sales Worth $8.5 Billion in February

Jeff Bezos, the founder of Amazon, is set to sell an additional $5 billion (approximately 6.92 trillion KRW) worth of Amazon shares. Considering that Amazon's stock price recently hit an all-time high amid the artificial intelligence (AI) boom, some analysts suggest that the rally driven by the tech stock frenzy may have reached its peak.

[Image source=Yonhap News]

According to Bloomberg and other sources on the 3rd (local time), Bezos announced plans to sell 25 million shares in a filing submitted to the U.S. Securities and Exchange Commission (SEC) after the market closed the previous day.

Coincidentally, on the same day Bezos disclosed his stock sale plan, Amazon's stock closed at $200 per share, marking a record high. Bezos indicated that he could begin selling shares as early as the day he submitted the filing. Based on the previous day's closing price, the total value of Bezos's planned stock sale amounts to $5 billion.

Earlier, in February, Bezos sold $8.5 billion (approximately 11.76 trillion KRW) worth of Amazon shares over nine trading days. If he proceeds with this additional $5 billion sale, the total value of his stock sales this year is expected to reach $13.5 billion (approximately 18.67 trillion KRW).

Even after this additional sale, Bezos will still hold 912 million shares, representing 8.8% of Amazon's total shares. According to Bloomberg, Bezos has a net worth of $221.6 billion (approximately 306.47 trillion KRW), making him the world's second-richest person.

Amazon's stock closed at $200 per share the previous day, the highest since its initial public offering (IPO) in 1997. The surge in generative AI has raised expectations for the cloud business, driving the stock price up 32% so far this year.