Michael Intrator at Web Summit, Lisbon, Nov. 13, 2024. Carlos Rodrigues/Web Summit via Sportsfile, CC BY 2.0; cropped. File photo.
CoreWeave Chief Executive Michael Intrator said Wednesday that his stock-sale plan has been sidelined until a material change in the company’s share price, while leaving room for routine tax-related sales.
“Until there is a material change in in, in our equity pricing, my 10b5 has been sidelined,” Intrator said in an interview on CNBC’s “Squawk on the Street.” He said any further selling would be “just normal tax stuff.”
The statement was conditional on equity pricing. It was not a promise never to sell shares, and Intrator did not specify a share-price threshold or timetable in those remarks.
The comments followed CoreWeave’s third-quarter results Tuesday. In its company release, the AI cloud provider reported $3.661 billion in revenue and a $709 million net loss, and projected full-year revenue of $13 billion to $13.3 billion.
CoreWeave also forecast $37 billion to $39 billion in full-year capital expenditures. Those figures are company projections, not completed results.
JBizNews Desk | Wall Street
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