Housing.com CEO Rahul Yadav announced his intention to offload his share in the company to his staff, sources have reported. The announcement was made in a town hall meeting held earlier today.
Yadav owns about 4.57% in Locon Solutions Pvt Ltd, the holding company of Housing.com. At the most recent valuation of Rs 1,500 crore for the company, his stake is worth about Rs 68 crore. The company has about 2,250 employees. The distribution of the shares will however not be equal. The shares will be distributed in proportion to employee salaries, sources have said. Yadav also has no plans to step down as CEO and will continue to hold his post.
Housing.com has been in the news recently for several controversies that centered around the CEO, including him calling an investor to “Go die motherfucker”, resigning after calling his investors “intellectually incapable”, taking back his resignation the very same day, and then uploading a picture of him showing the middle finger on his Facebook profile.
Whether this latest shenanigan is a product of Rahul’s largesse, or another marketing stunt by a company that refuses to stay off the news, only time will tell.