Leaked emails obtained by Business Insider indicate one of the scooter startup Bird's biggest investors, Fidelity Investments, is selling off shares in the company at a loss.
Emails sent by a broker and seen by Business Insider indicated a "blue-chip investor" in Bird was looking to offload shares at a loss in a private deal. The two executives told Business Insider Fidelity was looking for offers above $6 a share, implying the firm is willing to take a lower price than what it paid."The seller is keen on a low-friction sale and hence offering an attractive discount; to avoid bidding against themselves — they are asking a buyer to show in a price per share that would work for them," the broker wrote.
That would make Fidelity's total position about $63 million, of which approximately 12% is being sold, the person said.Fidelity and Bird both declined to comment.Secondary share sales for private companies are not uncommon. Such sales can be used to allow early investors to cash out for liquidity purposes or help early employees sell their positions in the company.
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