Xanadu CEO sells nearly 10% of holdings as lockup lifts

Xanadu CEO sells nearly 10% of holdings as lockup lifts SEAN SILCOFF TECHNOLOGY REPORTER PUBLISHED 3 HOURS AGO Open this photo in gallery: Christian Weedbrook, CEO of Xanadu, said he doesn’t plan to sell any more of his remaining 41.8-million Class A multiple voting shares. FRED LUM/THE GLOBE AND MAIL COMMENTS SHARE SAVE FOR LATER Listen to this article Learn more about audio Log in or create a free account to listen to this article. Key takeaways This summary is AI-generated and editor reviewed. Learn more Xanadu Quantum Technologies CEO Christian Weedbrook sold nearly 10 per cent of his stake in the company for $32.8-million in gross proceeds. The sale came as a six-month lockup on early shareholders expired, sending Xanadu’s stock down 21.6 per cent on Tuesday and a further 7.8 per cent Wednesday to US$5.33. Weedbrook said he has no plans to sell his remaining shares and remains focused on building a large-scale quantum computer. READ MORE The founder and chief executive officer of quantum computer developer Xanadu Quantum Technologies XNDU-T -7.84% decrease has sold nearly 10 per cent of his stake in the company. Christian Weedbrook received aggregate gross proceeds of $32.8-million for the sale, which was made “for personal financial planning purposes,” Xanadu said in a press release. On Tuesday, Mr. Weedbrook sold 4.6 million Class B subordinated voting shares, or nearly 10 per cent of his total holdings, after converting them from multiple voting Class A shares, the Toronto-based company said. It was the day a lockup lifted on early shareholders, six months after Xanadu went public by merging with a NASDAQ-listed special purpose acquisition company. Mr. Weedbrook said in an interview he’d long planned to sell 10 per cent of his stake when he had the chance. “They key thing for me is I’m all in. I’ve been at this over a decade, and pretty much 100 per cent of my net worth is tied up in Xanadu. It’s nice to liquidate some of the shares and not think about money, and just focus on getting back to work and achieving our vision of building a large-scale quantum computer.” The CEO said he doesn’t plan to sell any more of his remaining 41.8-million Class A multiple voting shares, which, combined with his 18,593 Class B shares, give him 25 per cent voting power. Xanadu stock faces test as lockup set to lift for most investors Mr. Weedbrook sold on a day the stock dropped by 21.6 per cent as early investors, holding more than 95 per cent of…