Bezos reduced his holdings in Amazon stocks for the first time this year, cashing out $350 million.

As Amazon's stock price reached a record high on Monday, Jeff Bezos sold nearly $350 million worth of Amazon shares, marking his first sale of the companys stock this year. This transaction was disclosed in a Form 4 filing released after the market closed on Wednesday. The billionaire indicated two days earlier in another document that he plans to sell up to 15 million shares of Amazon stock, worth over $4 billion, with this sale being only a small portion of that plan. According to the Bloomberg Billionaires Index, as Amazon's stock price has risen 18% this year, Bezos's wealth has increased by $38.7 billion, bringing his total to $292 billion. After Amazon reported strong earnings for its cloud computing division last week, it recently became the fifth company to surpass a market capitalization of $3 trillion. Even after this sale, Bezos remains the largest shareholder of Amazon with an 8.16% ownership stake.