The CEO of Silicon Valley Bank (SVB) sold $3.57 million of company stock just two weeks before the technology sector’s primary financial institution collapsed on Friday, according to federal filings.
The CEO of Silicon Valley Bank sold $3.57 million of company stock just two weeks before the technology sector’s primary financial institution collapsed on Friday, according to federal filings.12,451 shares of common stock at an average price of $287.42, or $3,578,652.31 in total.
Becker’s sale came two weeks before the stock plunged to $39.49 in the premarket Friday before the Federal Deposit Insurance Corporation seized the bank’s assets. The bank had $209 billion in total assets at the time of failure, according to the FDIC.$105.18 each, Securities and Exchange Commission filings show.
“The options, which allow you to buy a company’s stock at a set price, were due to expire May 2,” theHowever, these transactions were pre-planned and made through a trust Becker controls. The trust executed a trading plan he reportedly set up on January 26.$575,180 on the same February day as Becker. Beck sold 2,000 shares at $287.59 per share in a pre-planned sell-off as part of his trading plan set up on January 24.
“Company insiders often use such plans to execute trades when certain conditions are met, such as price and volume.
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