Amazon's market value crossed $3 trillion for the first time on Monday, as shares hit an all-time high after a strong earnings report. The milestone came as founder Jeff Bezos announced plans to sell 15 million shares worth over $4 billion, according to Times of India.
The stock surge follows Amazon's better-than-expected second-quarter results, which lifted investor confidence. Bezos's planned sale is part of a pattern of selling significant amounts of Amazon stock that dates back to 2002. Despite the transactions, his remaining stake in the company remains substantial.
The $3 trillion market capitalization places Amazon among an elite group of companies that have reached the milestone, reflecting its dominance in e-commerce and cloud computing. Shares hit the record high during Monday's trading session, according to CNBC.
Bezos, who stepped down as CEO but remains executive chairman, has been reducing his holdings periodically. The latest sale is valued at roughly $4 billion based on current share prices. Analysts have linked the move to the company's recent performance, though Bezos has not publicly stated a reason.
Amazon's strong quarterly results, which surpassed expectations, have driven the recent rally. The company's market value has grown steadily over the years, and Monday's achievement marks a significant milestone in its history.