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Coinbase’s Top Executives Are Alleged To Have Made More Than $1 Billion In Stock Transactions

According to a new Wall Street Journal story, four top Coinbase executives have gained over $1 billion by selling the company’s stock since it went public last year.

Coinbase’s Top Executives Are Alleged To Have Made More Than $1 Billion In Stock Transactions

According to the article, co-founders Brian Armstrong and Fred Ehrsam, Chief Operating Officer Emilie Choi, and Chief Product Officer Surojit Chatterjee were all complicit in the conduct.

According to the article, Fred Ehrsam sold the most stock, “almost half a billion dollars in stock sales,” while others, such as Armstrong, sold shares for $292 million. The other executives, Choi and Chatterjee, have sold $226 million and $110 million worth of shares each.

The shares were said to have been sold at varying times of the market, with some selling when the stock was trading for as high as $422 and some at $189. According to WSJ, a Coinbase spokesperson reportedly said:

“These Coinbase executives maintain large positions in the company, reflecting their commitment to our long-term opportunities.”

The latest performance of Coinbase’s shares

Coinbase’s Top Executives Are Alleged To Have Made More Than $1 Billion In Stock Transactions

In recent months, the price performance of the only publicly traded crypto exchange has not been particularly encouraging.

The company stated in its earnings call for the first three months of 2022 (Q1 2022), that revenue was declining and that its user base was shrinking. As the company strives to expand its horizon into new markets, this reduction has inspired some of the company’s recent moves.

Coinbase stock is currently trading at $74.69, which is over 70% lower than its year-to-date (YTD) measure.

However, this hasn’t stopped the exchange from making the Fortune 500 list. Coinbase is the first cryptocurrency company to make the Fortune 500 list, which ranks the top 500 firms in the United States by gross revenue.

Coinbase profited from the “freakish circumstances of COVID,” according to the preface written by Fortune Editor-in-Chief Alyson Shontell.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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