PANews reported on October 10th that Bloomberg News reported that the leadership of artificial intelligence computing company CoreWeave Inc. sold over $1 billion worth of stock after the lockup period ended in mid-August, ranking among the top ten individual insider sellers in the third quarter. This was the first opportunity for insiders to cash out since CoreWeave's IPO in March, which created four new billionaires. Since then, the company's stock price has soared over 250%. According to Washington Service data, director Jack Cogen sold $477 million worth of stock during the quarter, while co-founder Brannin McBee netted $426 million. Both sold shares under pre-arranged 10b5-1 plans tied to target prices, joining several other insiders in cashing out. A CoreWeave representative declined to comment. Some CoreWeave investors followed suit, with its largest institutional shareholder, Magnetar Financial LLC, selling nearly $1.9 billion worth of stock during the same period. Documents filed in October show that the hedge fund still holds over 20% of the company's Class A shares.PANews reported on October 10th that Bloomberg News reported that the leadership of artificial intelligence computing company CoreWeave Inc. sold over $1 billion worth of stock after the lockup period ended in mid-August, ranking among the top ten individual insider sellers in the third quarter. This was the first opportunity for insiders to cash out since CoreWeave's IPO in March, which created four new billionaires. Since then, the company's stock price has soared over 250%. According to Washington Service data, director Jack Cogen sold $477 million worth of stock during the quarter, while co-founder Brannin McBee netted $426 million. Both sold shares under pre-arranged 10b5-1 plans tied to target prices, joining several other insiders in cashing out. A CoreWeave representative declined to comment. Some CoreWeave investors followed suit, with its largest institutional shareholder, Magnetar Financial LLC, selling nearly $1.9 billion worth of stock during the same period. Documents filed in October show that the hedge fund still holds over 20% of the company's Class A shares.
CoreWeave leadership sold over $1 billion worth of stock after the lockup period ended in mid-August.
PANews reported on October 10th that Bloomberg News reported that the leadership of artificial intelligence computing company CoreWeave Inc. sold over $1 billion worth of stock after the lockup period ended in mid-August, ranking among the top ten individual insider sellers in the third quarter. This was the first opportunity for insiders to cash out since CoreWeave's IPO in March, which created four new billionaires. Since then, the company's stock price has soared over 250%. According to Washington Service data, director Jack Cogen sold $477 million worth of stock during the quarter, while co-founder Brannin McBee netted $426 million. Both sold shares under pre-arranged 10b5-1 plans tied to target prices, joining several other insiders in cashing out. A CoreWeave representative declined to comment. Some CoreWeave investors followed suit, with its largest institutional shareholder, Magnetar Financial LLC, selling nearly $1.9 billion worth of stock during the same period. Documents filed in October show that the hedge fund still holds over 20% of the company's Class A shares.
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