Monday November 14, 2011

LinkedIn CEO, Other Insiders Prepare to Sell Stock

A regulatory filing has revealed that LinkedIn's staff, management and backers plan to sell close to 7 million shares soon. The biggest lump is being sold by the company CEO. eek!

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.