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LinkedIn CEO, Other Insiders Prepare To Sell Stock

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(CBS)

MOUNTAIN VIEW (CBS / AP) — LinkedIn’s employees and early backers plan to sell more than 6.7 million shares as they reap the gains from a rapid run-up in the online professional networking service’s market value.

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.

Reid Hoffman, LinkedIn’s co-founder and executive chairman, isn’t selling any of his nearly 19 million shares.

LinkedIn Corp. plans to sell nearly 1.3 million additional shares to help finance its expansion.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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