Form 4: Marc Benioff Sells Salesforce Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Salesforce's Chair and CEO, Marc Benioff, sold shares of the company's common stock on February 26, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Marc Benioff, Chair and CEO of Salesforce, sold shares of CRM common stock on February 26, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on September 21, 2023.
- A total of 14,900 shares were sold in multiple transactions at varying prices.
- The prices ranged from $295.5900 to $303.6089 per share.
- Following the reported transactions, Benioff directly owns 13,371,166 shares and indirectly owns 10,000,000 shares through Marc Benioff Fund LLC.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing reporting stock sales by an insider, which is neutral in sentiment.
Industry Context
Sales of shares by company insiders are common and often pre-planned to avoid accusations of insider trading. Rule 10b5-1 plans allow insiders to sell shares at predetermined times and prices.
Stakeholder Impact
- The sale of shares by a high-profile executive like Marc Benioff could have a minor negative impact on investor sentiment, although the existence of a 10b5-1 plan mitigates this.
Key Dates
| Date | Description |
|---|---|
| 09/21/2023 | Date of adoption of Rule 10b5-1 trading plan |
| 02/26/2024 | Date of stock sale transactions |
| 02/27/2024 | Date of Form 4 filing |
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