Monday, October 23rd, 2017

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LinkedIn Heads Sell Millions of Shares

Several LinkedIn executives sold a great deal of stock.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.

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