The CEO of Coinbase Sells 2% of His Stake in the Company…Here’s Why!
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Answer The CEO of Coinbase Sells 2% of His Stake in the Company…Here’s Why!
Coinbase CEO Brian Armstrong on Saturday revealed plans to sell a portion of his stake in Coinbase over the next year in the interest of science and technology developments.
Brian Armstrong is looking to fund research in the companies he founded, such as biotech company NewLimit and ResearchHub.
According to the company’s 2022 proxy statement, Brian Armstrong owns 16% of Coinbase’s stock and controls 59.5% of Coinbase’s voting rights.
Brian Armstrong clarifies his position by selling part of his shares in Coinbase:
Brian Armstrong, CEO of Coinbase, revealed Tweet On October 15, he announced plans to sell his 2% holding in Coinbase to fund other companies he co-founded.Read:Web3 Foundation: The DOT digital currency is part of a program, not a security token
He told Armstrong that he is bullish on cryptocurrency and Coinbase, and is entirely dedicated to growing the cryptocurrency exchange’s business and furthering its mission.
However, he intends to contribute science and technology to solve the world’s biggest challenges, so he plans to sell his 2% stake in Coinbase to fund scientific research and the companies NewLimit and ResearchHub.
Armstrong’s tweet carried the following meaning:
For the avoidance of doubt, I intend to be the CEO of Coinbase for a very long time and remain very optimistic about cryptocurrencies and Coinbase.
I am fully committed to growing our business and furthering our mission, but I am also excited to contribute in a different way in other areas.
As mentioned above, “Armstrong” currently owns 16% of the shares of “Coinbase” and controls 59.5% of the voting shares.
On Friday, Coinbase (COIN) shares are down more than 8%, with the current price trading at $63.59.
Goldman Sachs and JPMorgan earlier downgraded Coinbase’s stock to “sell” due to a bleak outlook as a result of lower cryptocurrency prices and lower cryptocurrency trading volumes.Read:Cardano (ADA) price rises amid talk of imminent launch of smart contract jobs
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