College football special teams captain Kevin Plank launched Under Armour ($UA) from the University of Maryland in 1996. He is one of the most successful student entrepreneurs of all time. From a recent Baltimore Business Journal:
Plank is selling the shares, a fraction of his stock in the Baltimore sportswear maker, for asset diversification, tax and estate planning and charitable giving purposes, the filing said.
Plank currently owns 11.25 million shares of the company’s Class B Common Stock, representing around 21.8 percent of the total shares of Class A and Class B Common Stock outstanding as of October 31.
The Class B shares gives Plank more voting shares in the company.
The 600,000 Under Armour (NYSE: UA) shares are worth $48.8 million as of Wednesday’s closing price of $81.33.
A year ago, Plank entered into a deal to divest of up to 1.1 million shares over a 10-month period. Since then, he has shed nearly a million shares.