Silver Lake Sells $31.2 Million Worth of SoFi Shares, Stock Drops 2.7%

On Thursday, shares of SoFi Technologies, Inc. (NASDAQ: SOFI) fell by 2.7% during the morning trading session. This decline followed a series of transactions conducted by Silver Lake Technology Associates IV, L.P. ("SLTA IV") and its affiliates, which included the sale of large blocks of up to 19 million shares.

The sales took place between December 2, 2024, and December 4, 2024, with SLTA IV and its affiliates selling approximately 31.2 million shares. The prices for these transactions ranged from $15.90 to $16.13. These sales were executed through various indirect ownerships held by Silver Lake entities, including Silver Lake Partners IV, L.P. and Silver Lake Technology Investors IV (Delaware II), L.P.

The largest single block sale occurred on December 4, 2024, where 19,389,745 shares were sold at an average price of $16.011. Following this transaction, the indirectly held ownership stake through Silver Lake Partners IV, L.P. was reduced to 4,320,831 shares. On the same day, an additional 4,320,831 shares were sold at $16.13, bringing the indirect ownership to zero.

Silver Lake has a significant relationship with SoFi Technologies, Inc. through various entities and can be considered a managing entity by proxy. Michael Bingle, who holds the position of executive at SoFi and is the Vice President of Silver Lake Group, L.L.C., holds shares and restricted stock units under the company's non-employee executive compensation policy. According to this policy, proceeds from the sale of these securities are expected to be sent to Silver Lake and/or its limited partners.

The sale of these shares by Silver Lake is noteworthy due to its status as a major shareholder and the connection to SoFi's board through Michael Bingle. The transactions have been reported to the SEC, and Silver Lake has committed to provide detailed information about the sales upon request, including the number of shares sold at each price point within the reported ranges.