Workday Founder DeField Sells 322,500 Class A Shares in June

Workday (NASDAQ: WDAY) founder and major insider David A. Duffield sold a total of 322,500 shares of Class A common stock over three transactions on June 12, 17, and 25, 2026.[1][2][3] These sales were all made under a pre-established Rule 10b5-1 plan, and despite converting tens of millions of dollars into cash, Duffield still holds tens of millions of shares, maintaining a significant economic interest in the company, which is meaningful to investors.[1]

On June 12, Duffield, through the David A. Duffield Trust, converted 107,500 shares of Class B common stock into Class A shares and then sold the entire amount in the open market on the same day.[1] These sales were executed in multiple tranches at a weighted-average price ranging from $126.0058 to $130.7894 per share, generating proceeds of approximately $13.9 million from the 107,500 shares disposed.[1]

On June 17, Duffield again converted 107,500 Class B shares into Class A shares under the same trust name and sold the converted 107,500 Class A shares at various price points in the open market.[2] The sale price per share ranged from $121.9553 to $127.9467, and the total proceeds were disclosed at approximately $13.4 million.[2]

On June 25, he converted a third batch of 107,500 Class B shares into Class A shares and sold the entire 107,500 shares in the market.[3] The sales were executed in split tranches at a weighted-average price of $114.1416 to $118.7611 per share, resulting in total proceeds of approximately $12.3 million.[3]

The detailed breakdown by date is as follows.

Date	Converted Shares (B→A)	Sold Shares (A)	Price Range (USD)	Total Proceeds (USD)
2026-06-12	107,500	107,500	126.0058 ~ 130.7894	approx. 13,900,000
2026-06-17	107,500	107,500	121.9553 ~ 127.9467	approx. 13,400,000
2026-06-25	107,500	107,500	114.1416 ~ 118.7611	approx. 12,300,000

After the June 12 transaction, Duffield was reported to hold 37,098,834 Class A shares of Workday through the trust, valued at approximately $4.86 billion.[1] In other Form 4 filings after the June 17 and 25 transactions, the trust’s balance was reported as 105,049 shares, valued at about $13.44 million and $12.47 million, respectively,[2][3] and all three filings specify that Duffield, as trustee and sole beneficiary, effectively holds the shares.[1][2][3]

All of these transactions were disclosed as based on a pre-established trading plan under Rule 10b5-1,[1][2][3] and the disclosure describes them as a pre-planned distribution and monetization transaction at the trust level.[1][3] Accordingly, from an investor perspective, the large insider sales can be interpreted not as a judgment on the short-term share price outlook but as a systematic divestiture of part of a long-held stake.