Colin Wu a chinese journalist, reported news about Li LIn, a founder of Huobi . He reported through his tweet that Li Lin was willing to sell his share at Huobi company.
Huobi is among the top crypto industries in the world. The company has been doing good and its among the most used exchanges in Asia and all over the world. Huobi was noted to be the second most profitable company in the industry after Binance.
But lately the company has been facing some drawbacks, for example being forced to close last year. The Company has been losing some of its key members to its competitors. The company was also involved in some controversies.This downsides did reduce their earnings.
The news about Li Lin selling his stake at Huobi created a lot of stir in the crypto community. Some people believe that this is the right time to buy Huobi’s shares while the price is down. Some people also believe that this is a sign that Li Lin is not confident about the future of Huobi.
Lin’s reported move to sell his stake comes as a surprise as he is one of the most influential people in the company. He is also one of the richest people in the crypto space.
The recent report says that Lin is planning to sell his entire stake which is equal to more than 50 percent of the company. By Lin li withdrawing his shares its evident that he may cripple the company.
Li Lin a billionaire entrepreneur, is said to be in talks with a number of potential buyers, including a US-based investment firm.
The move comes as Huobi prepares to go public on the Hong Kong Stock Exchange later this year. It also follows a recent round of funding that saw the company raise $1 billion at a valuation of $5 billion.
This is not the first time that rumors have surfaced about Li Lin selling his stake in Huobi. In 2018, there were reports that he was looking to sell a 20% stake in the company for $1 billion. However, those reports proved to be false.
If Li Lin does sell his stake in Huobi, it would be a major shakeup for the company. Li Lin has been with Huobi since its inception and is one of the most recognizable faces in the Chinese cryptocurrency community.
His departure would no doubt have a significant impact on the company, both in terms of its share price and its ability to attract new users.It is not clear at this stage how much Lin is looking to sell and for what price. It is also not clear if he has found any buyers yet.
It remains to be seen if these latest rumors are true, but it is certainly something that investors will be keeping a close eye on.
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Source: https://coinpedia.org/news/huobi-founder-li-lin-to-sell-his-stakes-amidst-crypto-market-crash/