Compass founder unloads more stock shares
Compass founder unloads more stock shares
Reffkin to unload 3 million more Compass shares
Robert Reffkin is giving himself an early holiday gift. CEO will have sold over 10 million this year
The Compass CEO notified the Securities and Exchange Commission last week that he planned to sell 3 million shares of company stock for about $17.7 million.
Reffkin has been cashing out all year, selling over 10.4 million shares this year from affiliated trusts and personal holdings. The trades have brought him more than $56 million.
This most recent sale still leaves Reffkin with more than 16 million shares, making him the company’s fifth-largest shareholder, according to Simply Wall Street.
All of his trades this year have come as part of a 10b5-1 stock sale plan, which allows company insiders to plan trades at predetermined prices and times to avoid accusations of insider trading.
A Compass spokesperson called the sale a “routine, pre-planned action,” adding, “Many public company CEOs establish 10b5-1 plans to sell shares over time for tax and financial planning purposes, and this follows that standard practice.”
The brokerage founder will drop down on the shareholder leaderboard once the company’s $444 million deal for @properties and Christie’s International Real Estate closes.
As part of the deal, @properties and its private equity backer Quad-C Partners will receive 44 million shares, making the ownership group the fourth-largest Compass shareholders.
SoftBank, which staked Compass over $1 billion before its IPO in 2021, sold 10 million shares held in its Vision Fund on Dec. 16. As a result, for the first time since the brokerage went public, the investment firm is not its largest shareholder. It still holds over 58 million shares.
Compass’ stock opened the year at $3.60, but has surged over the course of the year, hitting a 52-week high of $7.69 on Dec. 3, the day it announced its deal for @properties and Christie’s.
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