Workday Co-Founder Thefield Sells $45 Million Stake in March

David A. Duffield, co-founder of cloud software firm Workday, Inc. (Nasdaq: WDAY), used his personal trust to convert Class B common shares into Class A common shares on March 5, 10 and 18. Under a pre-established Rule 10b5-1 trading plan, he subsequently sold approximately 320,000 Class A shares in the open market, generating about $45 million (roughly KRW 60 billion) in cash. Even after these sales, the Duffield trust still holds tens of millions of Workday Class A shares. Based on the initial transaction filing, his directly held stake is valued at around $5.7 billion (about KRW 7 trillion). The filing described the transactions as “planned sales for liquidity and portfolio management purposes,” distinguishing them from a full divestiture.

According to the company’s latest filings, Workday reported fourth-quarter fiscal 2026 revenue of $2.532 billion (approximately KRW 3 trillion), a 14.5% year-over-year increase, along with an improved non-GAAP operating margin. In an 8-K filing for the same period, the company announced that, as part of organizational restructuring ahead of fiscal 2027, it will reduce its workforce by about 2% and record roughly $135 million in restructuring charges in the fourth quarter.

Founded in 2005 by David Duffield and Aneel Bhusri, Workday is a Pleasanton, California–based provider of cloud-based human capital and financial management software. Listed on Nasdaq under the ticker WDAY, the company serves more than 11,000 customers worldwide, including about 65% of the Fortune 500, with an enterprise AI platform that integrates HR and finance functions. Co-founder Duffield remains a major insider, holding a substantial stake through his trust.