Just more than six months after the company's initial public offering, some of the top executives at online networking site LinkedIn sought to cash in, according to The Associated Press.
A group comprising chief executive officer Jeff Weiner, co-founder Allen Blue, chief financial officer Steven Sordello and several other early employees and investors looked to sell more than 6.7 million shares. With the company's stock opening at $69.50 per share, that amounts to more than $465 million. Weiner alone planned to sell more than 372,000 shares.
Though that price represents a substantial drop-off from the company's peak of $109.97 per share, which it reached in mid-July, it still amounts to a more than 54 percent rise over the $45 pricing from the IPO.
Notably, the company's executive chairman and co-founder, Reid Hoffman, chose not to sell any of his 19 million shares.
The Los Angeles Times reports the company saw a sharp drop in price following the sell-off, with shares falling as low as $67.78 at 11:08 a.m., though they recovered above their opening price later in the afternoon before falling back below $69 per share.