SAN FRANCISCO (AP) — LinkedIn’s employees and early backers plan to sell more than 6.7 million shares as they reap the gains from a rapid run-up in the online professional networking service’s market value.
CEO Jeff Weiner wants to sell more than 372,000 shares, the most among LinkedIn’s management. The company listed the amounts in a regulatory filing Monday.
After two years as LinkedIn’s CEO, Weiner is in line for a $29 million windfall from the sale. That’s based on Monday’s closing price of $78.49 for LinkedIn’s shares. The stock sold for $45 per share in an initial public offering completed in May.
Reid Hoffman, LinkedIn’s co-founder and executive chairman, isn’t selling any of his nearly 19 million shares.
LinkedIn Corp. plans to sell nearly 1.3 million additional shares to help finance its expansion.