Dropbox Co-CEO Ashraf Alkarmi Sells 47,865 Shares Worth $1.6 Million for Taxes

1 articles · Updated · Yahoo Finance · Aug 23

47,865 Dropbox shares held by co-CEO Ashraf Alkarmi were disposed of on Aug. 17 in a non-discretionary transaction tied to vested restricted stock units, according to an SEC Form 4.
The company withheld the shares to cover tax remittance obligations from the vesting, meaning the sale was not an open-market trade or a discretionary bet on Dropbox's valuation.
1,032,881 shares remain in Alkarmi's direct holdings after the transaction, a stake valued at about $34.48 million based on Dropbox's Aug. 17 closing price of $33.38.
Dropbox stock had returned 20% over the prior year heading into the filing, leaving the $8.6 billion software company with trailing 12-month revenue of $2.5 billion and net income of $442.8 million.