Billionaire SAP Cofounder Hasso Plattner Will Sell $155 Million Worth Of Its Shares

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SAP77.07-0.40

Enterprise software company SAP is in the midst of a big successful, makeover, moving into cloud, mobile and seeing Hana, its in-memory database, become the fastest-growing product in the company's history.

At around $78, shares are trading near an all-time high, prices SAP hasn't seen since before the collapse of Internet bubble in 2000.

Cofounder and chairman Hasso Plattner has decided to cash in, a little. He's selling about $155 million worth of his stake (€120 million), Reuters' Harro ten Wolde reports. But he's being careful that he doesn't flood the market with his shares and lower the price. He'll only sell off $13 million a month until he's sold the whole batch.

Even once he's sold his shares, it won't affect Plattner's stake much. He is SAP's largest shareholder with a stake of just under 10 percent of the company. Before this sale, he held 121.49 million shares, worth over $9 billion, Reuters says.



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