MicroStrategy founder Michael Saylor has sold up to 370,000 shares of his brainchild over the past four months. This follows his entry into a stock-sale agreement with the company last year.
Under the agreement, he has the authorization to unload up to 400,000 shares until April of this year.
Saylor to Offload 400,000 Shares
Michael Saylor has successfully cashed in 370,000 shares, totaling about $372.7 million in value, from this year’s stock sales. This accounts for over 90% of the agreed-upon 400,000 shares outlined in last summer’s September agreement with MicroStrategy.
Under this agreement, known as a 10b5-1 plan, Saylor could sell up to 5,000 shares daily from January 2 to April 25. These shares were tied to a vested stock option set to expire on April 30, 2024. So far, his Class A holdings have decreased to 30,000 shares following the latest disclosed sale on Thursday.
Despite a 37% decline from its March peak, the stock has enjoyed significant growth, rising 91% this year
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