Reported 11 months ago
Canadian holding company Tiny Ltd. experienced a 16% drop in its stock value after its founders resigned as co-CEOs, with one founder announcing the sale of millions of shares. The co-founders transitioned to become co-chairmen, and co-founder Andrew Wilkinson disclosed plans to sell up to 3.1 million shares, leading to a C$80 million market cap loss. Wilkinson, inspired by Warren Buffett's investment style, aims to donate the proceeds to his foundation and former employees, as detailed in his upcoming book. The company, known for investing in internet firms, saw financial challenges revealed in recent earnings reports, including an operating loss of C$4.3 million in the first quarter.
Source: YAHOO