N.Y. Times stock plummets
Shares stoop to lowest level in a decade
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News of Elmasry's unloading of 10.3 million shares, or 7.2% of the total, sent shares down as much as 3.5% to $18.25. They ended the day off 2.3% at $18.48.
Elmasry threw in the towel after two years of battling the Times Co. over voting rights and other issues. He had taken issue with several management decisions, arguing that a more egalitarian structure should be adopted. The Sulzberger family resisted, maintaining a tight grip on the company.
