Coinbase Executives Make $1.2 Billion in Stock Sales -Breaking
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© Reuters. The Coinbase CEOs Sell Stocks Worth $1.2 Billion- The executives of Coinbase (NASDAQ) made more than $1 billion by selling stock.
- Coinbase dropped by more than 80 percent during the peak of the crypto crash this month.
- They’re trying to raise capital by selling off a part of their stock.
As investors seek safer assets, cryptocurrencies fell this year due to rising interest rates and inflation. Coinbase’s investors are even worse. Coinbase experienced a 40% drop in value, while the stock had fallen 22% by May.
Since the crypto exchange’s public IPO last 2021, four senior Coinbase Global Inc. executives have made well over $1 billion by selling stock, despite the company’s stock plummeting by over than 80%.
A Wall Street Journal analysis of regulatory documents revealed that Brian Armstrong, Fred Ehrsam and President Emilie Choi, along with Chief Product Officer Surojit Chatterjee made $1.2 Billion through stock transactions between the time the San Francisco-based company went public.
According to the documents, Armstrong and his trust were able to sell stock worth $292 million. He still holds a majority of the stock, and has 59.5% vote…
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