Photo: Associated Press
Microsoft CEO Steve Ballmer has filed to sell up to 75 million shares of stock worth more than $1 billion by the end of the year. He’s already sold 50 million shares in recent days.The filing is unusual because, unlike his former boss Bill Gates, who sells chunks of stock every quarter, Ballmer hasn’t sold any shares since 2003; prior to that, his last sale was in 1996. If completed, the sale would amounts to 18% of his holdings, leaving him with 350 million shares or about 4% of the company.
In a statement, Microsoft said that the sale was for financial diversification and tax purposes, and Ballmer sought to reassure investors that he’s still “excited about our new products” and “fully committed to Microsoft.”
Does buying an NBA team to replace the departed Seattle Supersonics count as diversification? Seattle sports fans can dream, right?
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.