Has Marc Benioff Been Selling Pre-IPO Shares In Salesforce.com?
from the whooops dept
Just as the press is warming up to the idea of Salesforce.com’s IPO, a reporter has noticed some odd discrepancies in Salesforce’s IPO filings suggesting that perhaps Marc Benioff has been selling off his shares (just as he’s asking the public to buy into them) without making that clear in the filing. Selling off shares by insiders isn’t a terrible thing but you rarely do it during the IPO (usually people wait) – though, even the Google IPO notes that insiders will be selling some of their shares. What’s a concern in this case is that it’s not at all clear what’s really happening. All that’s clear is the numbers don’t match up. If Benioff has been selling shares, then that should be made clear in the filing as well. I’m not sure this is as serious as the reporter makes it out to be, but it is something that should be clarified – especially these days when everyone is so worried about corporate fraud. Update: Looks like that article worked. Salesforce.com is pushing back their IPO to explain the discrepancy.