Yahoo! News: Internet News: LinkedIn CEO, other insiders prepare to sell stock (AP)

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LinkedIn CEO, other insiders prepare to sell stock (AP) Nov 15th 2011, 01:02 SAN FRANCISCO – LinkedIn's employees and early backers plan to sell more than 6.7 million shares as they reap the gains from a rapid run-up in the online professional networking service's market value. CEO Jeff Weiner wants to sell more than 372,000 shares, the most among LinkedIn's management. The company listed the amounts in a regulatory filing Monday. After two years as LinkedIn's CEO, Weiner is in line for a $29 million windfall from the sale. That's based on Monday's closing price of $78.49 for LinkedIn's shares. The stock sold for $45 per share in an initial public offering completed in May. Reid Hoffman, LinkedIn's co-founder and executive chairman, isn't selling any of his nearly 19 million shares. LinkedIn Corp. plans to sell nearly 1.3 million additional shares to help finance its expansion.

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