Girish Mathrubootham’s Share Sale in December 2024
Girish Mathrubootham, founder and chairman of Freshworks, sold shares valued at $40 million within a short span of two days-from December 18 to 19-of over 2.5 million shares. The stocks were sold under SEC Rule 10b5-1.
Previous Share Sale in February 2024
Earlier, in February of that year, he sold shares worth another $9.6 million. The price range of the share lied between $15.33 – $16.50 per share.
Mathrubootham stepped down as CEO in May 2024, turning over the reins to Dennis Woodside, a Dropbox veteran, who had served as COO of that company. However, Mathrubootham continued to have a say in the affairs of the company because he is chairman.
Winning or losing is not something that motivates me, but learning is something. -Girish Mathrubootham, founder and chairman of Freshworks
Cancellation of Stock Grant
The hefty $6 million stock grant, meant for Mathrubootham, was cancelled by the company earlier this year. The current level of share prices and very harsh global economic conditions have provided these awards to be impossible at this time.
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Freshworks: A Global Player with Indian Roots
Set up in India, Freshworks is designed towards business enablement by providing support tools such as customer support systems and CRM software. It became the first Indian technology startup to go public on the NASDAQ in September 2021.
Recent Developments: Layoffs and Share Buyback
Freshworks also laid off around 660 of its employees globally and making the announcement of $400 million share buyback program, adapting to the dynamic global business environment.
Freshworks’ Position Amid Market Challenges
While the sale of Mathrubootham was ignited by the tough market conditions, Freshworks still remains a itself a viable contender on the world tech stage.
