YouTube Founders Selling $326 Million in Google Shares
Bloomberg is reporting that YouTube co-founders Chad Hurley and Steve Chen have registered to sell 3.23 million shares of Google stock.
Hurley and Chen, who founded YouTube in February 2005, may each sell shares worth about $326.2 million as of today’s closing price. Sequoia Capital, YouTube’s largest investor, may sell shares worth $504.4 million.
Others investors included in the filing include:
- Sequoia Capital (worth $504.4 million)
- Artis Capital Management LLC ($83 million)
- Jawed Karim (another YouTube founder; $64.6 million)
The rest of YouTube’s employees will have to wait until vesting before they get to cash out.
What does this say about the future of YouTube? You can’t blame the guys for cashing-out, but it’s hardly a vote of confidence.
Hat-tip to Pete.