Arkady Volozh will sell shares of Yandex for $1.9 million

Arkady Volozh and his family trust will sell up to 29,180 Class A shares of Yandex, the company said in a statement to the US Securities and Exchange Commission.

“In total, Arkady Volozh owns 30.8 million class B shares, the economic share of which is currently 8.7% and provides 45.5% of the vote,” a Yandex representative told Forbes. One class B share is convertible into ten class A shares.

At the close of trading on the Nasdaq on February 26, Class A shares of Yandex were worth $63.9. Thus, Volozh will receive about $1.86 million for his stake.

• When in January 2020, the co-founder and CEO of Yandex decided to sell a small stake in the company for $90 million, he explained this by the fact that he does not receive a regular salary, and the company does not pay dividends.

Find out more

Volozh received the right to sell only a limited stake in the company under a new agreement on the structure of its management, which we described in detail here .