- Microsoft CEO Steve Ballmer unloaded 50 million shares of the software giant’s stock late last week. Image Courtesy of Microsoft.
Last week, on Wednesday, Thursday and Friday, Steve Ballmer sold a total of roughly 50 million shares of Microsoft (MSFT) stock for about $1.3 billion. This is the first time Ballmer has sold company stock in seven years.
The move was for diversification and tax planning purposes according to the CEO of the software giant. Ballmer said in a statement that this was a personal financial matter, not to be confused with any sign of problems with the company. He said he is excited about the future of the company and the products it is bringing to market.
Ballmer also quelled any speculation that he is leaving the company or retiring any time soon. In the statement released by Microsoft on his behalf, a rarity for the company, Ballmer reiterated his commitment to the company and desire to continue working for some time to come.
The CEO plans to sell as many as 75 million shares by the end of 2010. After the sale last week, he still holds about 350 million shares of the company’s stock putting him second only to Bill Gates on the list of largest individual shareholders. The total value of his remaining shares, at a price of $26 per share, is more than $9 billion.
