Maxwell Blecher, the lawyer for Donald Sterling, said that he has withdrawn his support for the $2 billion sale of the L.A. Clippers to former Microsoft CEO Steve Ballmer. Blecher was told to proceed with a $1 billion federal lawsuit against the NBA.
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Donald Sterling has officially announced today that he will be selling the Los Angeles Clippers to former Microsoft CEO Steve Ballmer (pictured above) for $2 billion and several additional benefits. Sterling’s lawyer confirmed the deal with NBC. Sterling will also drop his $1 billion lawsuit against the NBC. All disputes and outstanding issues have been resolved. Sterling said that he was ready to “move on” from the Clippers.
Former Microsoft CEO Steve Ballmer has reportedly purchased the LA Clippers for $2 billion, according to the LA Times. Ballmer seems to have swooped in after Donald Sterling was banned for the NBA for life. Sterling’s estranged wife Shelly said she was going to sell the team. Earlier this week, TMZ reported that Ballmer met with Shelley on Sunday afternoon at her mansion in Malibu, California. Ballmer outbid L.A. based investors Tony Ressler and Steve Karsh. Other people that were outbid included David Geffen and executives at the Guggenheim Group. The Geffen Group reportedly offered $1.6 billion and Ressler bid $1.2 billion.
Microsoft Corporation (NASDAQ:MSFT) used to be the largest Microsoft shareholder until recently. Gates started out with a 64% share in Microsoft when the company was founded with Paul Allen. Over the years, he has been selling his shares to fund the Bill and Melinda Gates Foundation. After one of his most recent share sales, Gates no longer was the largest shareholder in Microsoft. The recent sale saw his ownership reduced to 330.1 million shares. This puts him below former Microsoft CEO Steve Ballmer, who has 333 million shares. Gates has been selling an average of 80 million shares per year to fund his philanthropic efforts. Gates also stepped down as Microsoft’s chairman when Satya Nadella was named the new CEO. Gates will have more of an advisory role now.
According to BusinessWeek, Microsoft CEO Steve Ballmer got into a huge shouting match with the board of directors in June 2013 before announcing his retirement several months later. The shouting match was due to the acquisition of Nokia. Microsoft’s board of directors said that they did not want to acquire Nokia and start making smartphones.
Microsoft Corporation (NASDAQ:MSFT) CEO Satya Nadella has already shaken up management at the company. Nadella has reportedly named Mark Penn to serve as the chief strategy officer. Penn previously worked as the EVP of advertising and strategy at Microsoft and worked as a former Hillary Clinton pollster.
Microsoft has released these four videos featuring newly appointed CEO Satya Nadella, outgoing CEO Steve Ballmer, former chairman and co-founder Bill Gates, and board member John Thompson discussing Nadella’s appointment as the head of the company. Check out the videos below:
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Microsoft Corporation (NASDAQ:MSFT) has named Satya Nadella as CEO and a member of the Board of Directors effective immediately. Nadella was previously the Executive Vice President of Microsoft’s Cloud and Enterprise group. Nadella joined Microsoft in 1992 and drove the strategy and technical shifts across Microsoft’s product portfolio. He also helped drive Microsoft’s move to the cloud for supporting Bing, Xbox, Office, and other servers.