Salesforce, Inc. (NYSE: CRM) CEO Marc Benioff has sold a significant portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on April 23, 2024, involved the sale of Salesforce common stock with a total value exceeding $4 million. Benioff sold shares at prices ranging from $271.33 to $276.21, with the total value of the sales amounting to approximately $4,108,442.
These sales were executed automatically through a Rule 10b5-1 trading plan, which Benioff had previously adopted on December 29, 2023. This type of trading plan allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading. Benioff’s transactions consisted of multiple sales at varying prices within the specified range. The weighted average prices for the shares sold indicate a series of strategic sales rather than a single transaction.
The SEC filing includes a commitment by Benioff to provide full information regarding the number of shares sold at each separate price upon request. Following the sales, the SEC filing revealed that Benioff still owns a substantial amount of Salesforce shares, both in his name and through the Marc R. Benioff Revocable Trust. Additionally, a portion of his holdings is managed by the Marc Benioff Fund LLC, which maintains ownership of 10,000,000 shares of common stock.
Salesforce, headquartered in San Francisco, California, is a leader in cloud-based software services and continues to play a significant role in the technology sector.
