Microsoft’s vice chair and president, Brad Smith, recently sold 50,000 shares of the company, totaling approximately $16.9 million. The transaction took place earlier this week and was disclosed in a filing with the Securities and Exchange Commission.
Smith sold the shares at prices ranging from $336.35 to $338.04. This comes at a time when Microsoft’s stock has experienced a 40% surge in value throughout the first seven months of the year.
As of the filing, Smith still maintains significant investment in Microsoft, owning over 588,000 shares, which equates to approximately $192 million based on recent prices. According to FactSet, Smith is listed among the top 10 insiders or stakeholders in terms of his ownership of Microsoft stock.
Smith has been with Microsoft since 1993 and has held the position of president since 2015. Prior to that, he served as the company’s general counsel, playing a pivotal role in resolving Microsoft’s antitrust issues with governments and other tech companies.
In its recent earnings report, Microsoft exceeded expectations for the quarter and highlighted the costs associated with its ongoing efforts in artificial intelligence. The company continues to emphasize its dedication to AI, alongside industry giant Google.
Investors are advised to remain patient as Microsoft’s AI initiatives are expected to yield significant results in the long run. Despite occasional challenges, analysts and stockholders remain optimistic about the company’s prospects.