Microsoft’s CEO Steve Ballmer might have had his bonus cut in half this year thanks to the failure of the company’s Kin phones, but that doesn’t mean that the Redmond executive is going to be cash strapped. Ballmer confirmed on Friday that he will be selling almost a fifth of his Microsoft stock.

 

He stated that this move is being made in order to gain “financial diversification and to assist in tax planning before the end of the calendar year.” The CEO plans to sell up to 75 million shares by year-end, which is almost 20% of the approximately 408 million shares that he currently holds according to the latest Microsoft proxy report.

 

“Even though this is a personal financial matter, I want to be clear about this to avoid any confusion,” Ballmer said. “I am excited about our new products and the potential for our technology to change people’s lives, and I remain fully committed to Microsoft and its success.”

 

According to the AppleInsider, a US Securities and Exchange Commission (SEC) filing on Friday has revealed that Ballmer has already sold off over 49 million shares of his stock for over $1.3 billion (around R8.8 billion) in three separate transactions.