Andre Yoskowitz
7 Nov 2010 1:19
On Friday, Microsoft CEO Steve Ballmer sold $1.3 billion worth of his shares in the company, while downplaying any worries that he was planning to leave the company or had lost faith in its future.
The sale will reduce Ballmer's share in the software giant by almost 12 percent.
Ballmer also noted that he will sell hundreds of millions worth of more shares by the end of the year as the 54-year old exec is planning to "diversify his investments and plan for taxes," says Reuters.
Says the CEO: "Even though this is a personal financial matter, I want to be clear about this to avoid any confusion. I am excited about our new products and the potential for our technology to change people's lives, and I remain fully committed to Microsoft and its success."
Ballmer started in the company as a business manager in 1980, becoming CEO in 2000.
The CEO sold 49 million shares and plans to sell another 26 by the end of the year. After the sales, Ballmer will still have over 325 million shares of the company, which is currently trading at $26.85 a share.