CoreWeave's leadership sold more than $1 billion worth of stock after the end of the stock lock-up period in mid-August.

PANews, October 10 - According to a report by Bloomberg, the leadership of AI computing company CoreWeave Inc. sold over $1 billion worth of stock after the stock lock-up period ended in mid-August, making it one of the top ten individual insiders selling in the third quarter. This is the first opportunity for insiders to cash out since CoreWeave's IPO in March this year created four new billionaires. Since then, the company's stock price has soared over 250%. According to data from Washington Service, director Jack Cogen sold $477 million worth of stock this quarter, while co-founder Brannin McBee made a net profit of $426 million. Both sold shares under a pre-arranged 10b5-1 plan linked to target prices and cashed out alongside several other insiders. CoreWeave representatives declined to comment. Some of CoreWeave's investors have also followed suit, with its largest institutional shareholder Magnetar Financial LLC selling nearly $1.9 billion worth of stock during the same period. Documents submitted in October show that the hedge fund still holds over 20% of the company's Class A shares.