Amazon’s executive chair and founder, Jeff Bezos, is set to sell close to $5 billion worth of shares in the company, as per a regulatory filing. This decision comes after Amazon’s stock achieved a record high.

The sale, involving 25 million shares, was disclosed in a filing made after market hours on Tuesday. During that day’s session, Amazon’s stock reached a new high of $200.43. The stock has increased by more than 30% this year, far surpassing the Dow Jones Industrial Average’s 4% rise.

Post-sale, Bezos will hold around 912 million Amazon shares, which is about 8.8% of the total stock. Earlier in February, Bezos sold shares worth approximately $8.5 billion after the stock saw an 80% rise in 2023.

Amazon’s strong performance in the first quarter of this year, driven by advancements in artificial intelligence, contributed significantly to the stock’s rise. The Seattle-based company’s positive results were a key factor in this upward trend.

Bezos, who also established the space venture Blue Origin, ranks as the world’s second-richest individual with a net worth of $214.4 billion, according to Forbes. In May, Blue Origin successfully launched a six-person crew to the edge of space.

In other news, Amazon has appointed Matt Garman as the new head of its cloud computing division, replacing Adam Selipsky. This leadership change is part of Amazon’s strategy to continue its innovation and maintain its leading position in the tech industry.