Jeff Bezos will sell 25 million shares of Amazon worth $5 billion

Amazon founder Jeff Bezos plans to sell 25 million shares worth about $5 billion, Gizmochina reports.

Despite the sale, Bezos will retain a significant portion of his stake in the company, about 912 million shares, representing 8.8% of the company's shares.

Bezos is currently the second richest person in the world with a total net worth of $221.6 billion. He also owns shares in Blue Origin and The Washington Post.

Amazon stock hit an all-time high of $200 per share at the close on July 2. Amazon shares are up 32% this year alone.

Recently, Jeff Bezos moved from Seattle to Miami, which caused heated discussions. While Washington State charges a 7% capital gains tax, Florida does not, which means Bezos could save hundreds of millions of dollars.