The co-founder and head of Yandex, Arkady Volozh, decided to get rid of the company’s shares for $ 1.9 million. This is stated in the disclosure of the company to the US Securities and Exchange Commission (SEC).
Currently, the businessman directly owns 29,180 Class A shares, and his family fund Lastar Trust holds another 30.8 million Class B shares. One type 1 paper gives one vote at a shareholders meeting, one type 2 paper – 10 votes. In general, the share of Volozh and his family trust in Yandex share capital is 8.7 percent, the family controls 45.5 percent of the votes at the shareholders’ meeting.
Now Volozh intends to sell all Class A shares, which he personally owns. At the close of trading on Friday, one security cost $ 63.99. Thus, we are talking about the sale of a block of shares with a market value of $ 1.87 million. In general, the sale of securities is part of Volozh’s long-term strategy to diversify assets, the message says.
Back in January 2020, the entrepreneur said that he would sell a “very small share” of a block of shares in Yandex, explaining that 95 percent of assets belong to one company, and his portfolio needs to be diversified.