Form 4: Duolingo CFO Matthew Skaruppa Executes Option and Sells Shares Under 10b5-1 Plan

Duolingo's Chief Financial Officer, Matthew Skaruppa, exercised stock options and sold a portion of his Class A Common Stock on October 1, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On October 1, 2024, Matthew Skaruppa, the CFO of Duolingo, Inc., exercised stock options to acquire 14,000 shares of Class A Common Stock at a price of $14.42 per share.
• Simultaneously, Skaruppa sold a total of 14,000 shares of Class A Common Stock in multiple transactions at weighted average prices ranging from $279.3928 to $283.074.
• These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 22, 2024.
• Following these transactions, Skaruppa directly owns 88,856 shares of Class A Common Stock and 28,427 derivative securities.

Sentiment

Score: 5

Explanation: This is a neutral disclosure of insider trading activity. The use of a 10b5-1 plan mitigates concerns about opportunistic trading.

Industry Context

This filing is a routine disclosure of insider transactions, which are common among publicly traded companies. The use of a 10b5-1 plan suggests the transactions were pre-planned to avoid accusations of trading on inside information.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the sale of shares by a key executive.
• The use of a 10b5-1 plan provides transparency and reduces concerns about insider trading.

Key Dates