Paul Allen sells huge chunk of Charter stock for less than $1,000 |
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Paul Allen sells huge chunk of Charter stock for less than $1,000
Paul Allen
Paul Allen on Wednesday sold 28.5 million shares of bankrupt Charter Communications, with Multichannel News calculating that the Microsoft co-founder will make just $996.36 on the sale.
The filing indicates that Allen sold 28,467,421 of Class A Common Shares in the St. Louis cable company. The type A shares represent a small part of Allen's overall ownership stake, but we'd imagine the billionaire originally anticipated cashing out of a stake that large for more than $1,000 bucks. Allen has reportedly invested $7 billion in the company.
It was unclear why Allen sold the shares -- now traded on the over-the-counter-market -- or who purchased them.
A spokesman for Allen declined to comment and referred TechFlash to the filings for more detail.
Multichannel News noted that the sale doesn't really impact Allen's overall position. He's set to own 4 percent of the equity of the company and 35 percent of the voting shares once it emerges from Chapter 11 bankruptcy protection.
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