Jeff Bezos to sell $5 billion in Amazon stock after shares hit all-time high

Amazon founder Jeff Bezos on Tuesday disclosed his plans to sell some $5 billion worth of his shares in the company, the same day the e-commerce giant's stock hit a record high.

Bezos revealed in a Securities and Exchange Commission (SEC) filing that he plans to offload 25 million Amazon shares. Earlier in the day, the stock price reached an all-time high of $200.43.

Amazon shares ticked down below $200 on Wednesday, but the stock is up nearly 32% year-to-date, outpacing the 4% gain of the Dow Jones Industrial Average index.