Adobe founder sells stock worth $14 million
Tuesday, January 20 2004
According to a report in the Jan. 19 San Jose Mercury News that cited data from Thomson Financial, Adobe co-founder John Warnock sold 350, 000 shares of Adobe stock between Dec. 18 and 23 of last year.
Prices per share varied from $40.11 to $40.15. Despite the selloff--which added to about $25 million worth of stock he sold last year--Warnock remains one of the company’s largest stockholders, Adobe spokesperson Holly Campbell told the Mercury News. Adobe co-founder Charles Geschke also moved some of his Adobe stock in December, selling 59, 755 shares on Dec. 23 at $40.04 each, for a total of $2.4 million.
In an unrelated report, Warnock invested $600, 000 in the online magazine Salon last week to help keep the ailing publication afloat. Warnock, who was already on the magazine’s board, will be joined by Rolling Stone publisher Jann Wenner, who chipped in $200, 000 himself. Adobe Ventures had invested $2 million in Salon in 1995; the publication has lost $80 million in its almost 10-year existence.
