Legit Reviews

Legit News

Yahoo! CEO Sells Off $13 Million In Shares

Yahoo! CEO Terry Semel sold $13 million worth of company stock last week, as Yahoo!'s stock price decline continued. The stock is down 17% for 2006, as investors reassess the growth prospects of big Internet players from Google to Microsoft on down. On Tuesday, Yahoo! dropped 37 cents to $32.39, but is up for the day today.

Semel, who has been CEO of the most popular Web site since 2001, sold 400,000 shares on Feb. 15 through an options exercise for an average price of $33.21, according to a filing with the Securities and Exchange Commission. InsiderScore estimates that Semel has received more than $380 million from stock sales in the past 18 months, though last week's was his first transaction since October. Unlike other Internet CEOs, including Google's Eric Schmidt, Semel doesn't have a preplanned schedule for his stock sales. Semel owns about 1.8 million shares of Yahoo! and has held his ownership at around that level for several years.

The Street

Posted by | Wed, Feb 22, 2006 - 07:23 AM