Senator Warner Just Made Millions by Selling a Stake in BetterCloud
Mark Warner, who is serving as the senior United States senator from Virginia, disclosed that he sold a part of his stake in BetterCloud on July 06.
The Senator also disclosed that the size of a “partial” sell position is between $1,000,000 and $5,000,000. BetterCloud is a New York-based software vendor that helps businesses manage the software-as-a-service (SaaS) applications used by their workers.
It was announced in June that the private equity firm Vista acquired a majority stake in BetterCloud. It is still unclear whether Warner’s sale is connected to Vista becoming a majority shareholder in BetterCloud.
Prior to Vista’s move, BetterCloud has over $186 million in funding from big private equity players, such as Accel, Bain Capital Ventures, Warburg Pincus and others.
This is only the second trade that Warner made this year after he disclosed in February that he sold between $100,000 and $250,000 worth of shares in Construction Partners (NASDAQ: ROAD)
Warner is considered to be a leader on infrastructure in the Senate. He served as a lead negotiator on an infrastructure bill that was signed by President Biden into law in 2021.
Warner is also an active Senate member as he sits on the committees of Intelligence, Banking, Housing & Urban Affairs, Budget, Finance, as well as Rules and Administration.