The Chairman and co-founder of SAP, Hasso Plattner has bought shares in the Germany-based software company worth $300 million after a once-in-a-generation price slide triggered when management dumped its profit targets.
According to a regulatory filing which was published, Plattner bought shares worth 248.5 million euros ($294 million) at an average price of 101 euros.
The shares of SAP fell by 20% after CEO Christian Klein ditched his “ambition” for profit margins to expand steadily through 2023. He also lowered the outlook for this year due to the impact of the coronavirus pandemic.
The share slide erased $35 billion from SAP’s market value and knocked the company off its perch as Europe’s most valuable technology company, where it was ousted by Dutch semiconductor equipment maker ASML.
Earlier, Plattner possessed 5.89% stake in SAP, according to Refinitiv data. At Monday’s closing price his stake was still worth $8.2 billion.
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