![]() But investor sentiment seems to have soured in the months since. That all suggested strong investor demand. The company had boosted its valuation range ahead of the IPO, priced above the expected range, and then surged even further on the first day of trading. The company also disclosed at the same time that the lock-up expiration would happen earlier than previously expected, which occurred at yesterday's close.ĭropbox has been one of the highest-profile IPOs thus far in 2018, and its shares have been especially volatile. Woodside will stay with Dropbox until early September and serve as an advisor through the end of 2018 to ensure a smooth transition. Souring sentimentĪlongside second-quarter earnings, Dropbox announced earlier this month that COO Dennis Woodside would be stepping down after four years at the company, which overshadowed better-than-expected earnings results. Dropbox's most prominent private investors before the IPO were Sequoia Capital, Accel, and T. Neither Soros nor Jana had funded Dropbox in the private markets, so those positions were initiated after the company went public. ![]() Those Form 13F holding disclosures for the second quarter were filed earlier this month. Activist hedge fund Jana Partners took a relatively larger position in Dropbox - 202,500 shares - in the first quarter as well, and also closed out the entire position in the second quarter. That position didn't last long, as Soros sold off his entire position during the second quarter. George Soros' hedge fund Soros Fund Management briefly took a stake of 75,000 shares immediately after the IPO in the first quarter, according to regulatory filings. It's worth noting that there have been other prominent sellers in recent months.
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