Jeff Bezos just filed to sell $4 billion in Amazon. The shares are falling

• AMZN

Jeff Bezos, founder of Amazon.com Inc., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.

Eva Marie Uzcategui | Bloomberg | Getty Images

Jeff Bezos filed plans to sell about 15 million Amazon shares worth roughly $4.1 billion, after the dominant e-commerce platform's stronger-than-expected earnings sent the stock to a record high, pushing its market value above $3 trillion.

Amazon fell more than 2% in early trading Tuesday following the filing, which disclosed the planned sale under a Rule 10b5-1 trading plan adopted on Nov. 14, 2025. The sales occurred on Monday through Morgan Stanley, according to the filing.

The filing comes after Amazon shares touched an all-time high on Monday, extending gains sparked by last week's quarterly results. The web services provider reported robust second-quarter earnings, led by stronger-than-expected growth in its cloud-computing business, reinforcing investor confidence that its artificial intelligence investments are translating into accelerating demand.

Shares of Amazon have rallied 23% this year, more than double the 11% gain in the S&P 500.

The Form 144 filed with the Securities and Exchange Commission showed Bezos intends to sell 15 million common shares with an aggregate market value of about $4.07 billion, based on Monday's closing price. The filing noted the shares were acquired as founder stock in 1994.

Bezos has regularly sold Amazon stock in recent years, often through pre-arranged trading plans, while continuing to rank among the company's largest shareholders. The filing also noted that he donated 220,200 shares to nonprofit organizations in May, which may have sold those shares during the preceding three months.