Cloud Executive Riding the AI Rally Sells Millions in Company Shares

Matt Steinfort, Chief Financial Officer of the U.S. cloud company DigitalOcean Holdings, Inc. (DOCN), sold 25,000 shares of common stock on the open market on May 15 at approximately $152.50 per share, raising about $3.81 million (roughly KRW 5.1 billion) in cash. Even after this sale, Steinfort continues to hold around 570,000 shares valued at about $85.7 million (approximately KRW 110 billion), preserving a substantial equity stake.

In its Q1 2026 results, DigitalOcean reported that AI-related revenue jumped 221% year-over-year—beating market expectations—and raised its full-year guidance. Global investment bank UBS, citing growing demand for AI infrastructure and planned capacity expansions, raised its price target for the stock to $175. As a result, the share price has continued its sharp rally from a 52-week low.

Listed on the New York Stock Exchange, DigitalOcean provides cloud services primarily to small and medium-sized businesses, developers and startups. In addition to its core infrastructure and platform offerings, the company recently launched its “AI-Native Cloud” service, optimized for AI inference and agent workloads, further expanding its business. The CFO’s recent share sale exemplifies a common practice among U.S. growth-stock executives of partially cashing out equity amid rapid stock gains and AI-driven business expansion.