Christian Weedbrook, who is also CEO of the Toronto-based quantum computing firm, on Tuesday converted 4.6 million of his multiple-vote shares to regular stock and sold them for $32.8 million. He now holds about 42 million shares, which give him about a quarter of the firm’s voting power. (The Logic)

Talking point: Xanadu went public in March via a blank cheque company, to help fund its plans to set up a factory to manufacture its quantum computers and build a data centre using them by 2029. The lockup period for the listing lifted Tuesday, letting early investors, and Weedbrook himself, to sell their holdings. The stock, which has been volatile since it started trading, closed Thursday down 30.8 per cent from its Monday close. “It’s been a wild ride since going public, particularly with the share price,” Weedbrook said Thursday at the Nrth tech conference in Toronto, adding that investors need to take a long-term approach to disruptive technologies like quantum computing. Xanadu has said Weedbrook doesn’t plan to sell any more shares. “It was nice to take some money off the table,” he said at Nrth, noting that his entire net worth had previously been in Xanadu stock. Weedbrook said he’s communicated to investors that he’s in it “for the long haul.”

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