Zillow filled its coffers yesterday afternoon when the company announced a stock offering of 2.5 million shares at $82 per share, a sale that added about $205 million to the bank account.
But, as part of the stock sale, several other key executives also tossed some of their personal shares into the mix. All together, the executives sold 2.5 million shares, creating a huge windfall for founders Rich Barton, Lloyd Frink; CEO Spencer Rascoff and others.
The chart above offers some of the key details, but it doesn’t spell out just how much the insiders took home. Meanwhile, shares of Zillow continued to tumble today, down more than four percent to $80.79. (They are up 191 percent this year).
Barton and Frink were big winners. The former Expedia executives who founded Zillow eight years ago walked off with a cool $30.7 million each when they sold 375,000 personal and family trust shares. Barton still owns 11.8 percent of the company, and Frink’s ownership is just under 10 percent.
Meanwhile, CEO Spencer Rascoff sold a stake worth $12 million. He now owns one percent of the company’s class A shares — a stake valued at about $25 million. (Editor’s note: The chart and figures here do not include unvested stock options, meaning the executives holdings are greater than what is shown. For example, Rascoff has a total of 1.6 million shares outstanding, when including unvested options).
Chief Technology Officer David Beitel sold 90,000 shares — the equivalent of $7.4 million — and Chief Revenue Officer Greg Schwartz cashed in 19,215 shares for $1.5 million.
The biggest seller in yesterday’s stock sale was Technology Crossover Ventures, the venture capital firm which cut its stake from 10.6 percent to 4.8 percent. It made $123 million on the sale.
What are these execs going to do with all of their new-found wealth? Well, I know an online real estate site they can peruse if they’re looking for a home upgrade.