An SEC filing
announcing two big sales of WisdomTree
] stock has sent the company's share price plunging.
WisdomTree chairman Michael Steinhardt
plans to sell over 11 million shares of the company, reducing his stake from 25.1 percent to 15.9 percent. Some of the shares he is selling are owned through a foundation that he directs.
And Venture capital firm RRE Ventures
, an early backer of WisdomTree, is cashing out, reducing its stake from 14.6 percent to zero through a sale of over 18 million shares. RRE Ventures is managed by a team that includes former American Express CEO James D. Robinson III
The shares Steinhardt and RRE Ventures plan to sell are valued at just under $215 million, according to the filing.
WisdomTree's share price is down
over 6.5 percent on the day on the news that these 30 million shares will soon be hitting the market.
WisdomTree representatives did not immediately return MFWire's
requests for comment.
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