Cybersecurity
Goldman Gets Easy Win on Loan to Billionaire CrowdStrike CEO
- George Kurtz pledged part of his stake to borrow $10 million
- Software-maker’s shares have doubled since Tuesday’s IPO
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Giving George Kurtz millions of dollars will rank among Goldman Sachs Group Inc.’s safest deals.
The bank loaned CrowdStrike Holdings Inc.’s chief executive officer about $10 million to exercise stock options and pay taxes, according to the software-maker’s prospectus. Kurtz pledged as collateral a quarter of his 10% stake in CrowdStrike, whose market value has nearly doubled since Tuesday’s initial public offering, making Kurtz a billionaire. His pledged shares alone are now worth $320 million, based on Thursday’s closing price of $67.56. The stock fell 5% on Friday.