Sign up to receive 5 free days of our daily summary for tech news.

Special Offer: Try out The Information today for only $10/month for your first 3 months.
Startups Uber/Lyft

One Year in, Bird Founder Sells Some Shares

The founder of Bird, a year-old scooter rental service that has attracted $450 million from investors, including Sequoia Capital, already has sold some of his shares, according to people who were briefed on the unusual move. A regulatory filing suggests that the founder, Travis VanderZanden, might have received at least several tens of millions of dollars from the sale, but the exact size of the sale couldn’t be learned.

Since June 1, the number of Bird shares described as “founders preferred stock” has dropped by one-third, to nearly 7.5 million shares from 11.25 million previously, according to a filing made Friday, provided by financial firm Lagniappe Labs. As Mr. VanderZanden is the sole founder of the company, he is the most likely holder of the founder-preferred stock. The drop would be equivalent to about $44 million if the shares were sold at the same price as the company’s most recent fundraising round, or $11.75 per share. Founder-preferred stock now accounts for about 4% of the company, down from about 7% as of June 1.

What Is The Information?

Notes bb3aa5069205d702dda37fc71dc6f1c59df2310c4379304e9f1199f052af4884

Exclusive Articles

We broke it first. Receive original reporting you won't read anywhere else from the largest newsroom in tech.

Notebook b5103017ee163370a1667c9ce59ab0ef023875a17888105d26c185cadf31bb69

Daily news analysis

Every weeknight, we'll send you our reporters’ views on the day’s top tech news—distilled into one email.

Conference calls c9e664e8b96ee347d3e92b8309938f268422b9db98cfabca5c826fbb75054b23

Conference calls

Get access to our reporters and other top executives with monthly deep-dive calls into topics like startups and autonomous vehicles.

Events 499acedd16cffc41445edd76bfd302b2836c2a27419890f17130a6b10e2aa3df

Special Events

For no extra fee, get access to more than a dozen events yearly, from intimate dinners to larger gatherings with marquee speakers.

What else is included in my subscription?

Become a contributor

Share your views and find other subscribers by completing your profile. You’ll be listed in our contributor directory.

Slack community

Discuss topics and current events with our subscriber-only Slack group and share news about your company with other subscribers.

Annual Subscriber only benefits:

Org Charts

Access the only collection of tech company org charts. Our expanding database includes companies like Amazon, Snap, and Uber.

Crypto Newsletter

Our experts investigate the latest in the crypto world to keep you in-the-know about the movements of digital currencies.

Stay up to date on Silicon Valley

Sign up for Jessica Lessin’s (The Information’s CEO & Founder) free Saturday newsletter and also receive a complimentary week of our daily afternoon tech commentary email.

Already a subscriber? Log in here