C3.ai CEO Buys $69 Million Stake, Street Remains Skeptical
C3.ai founder and CEO Thomas Siebel spent almost $69 million buying 6.17 million Class A shares at $11.16 a share as the company tries to restart growth after another steep revenue drop. The SEC filing comes as C3.ai announced that Shell is expanding its worldwide use of the company’s reliability software. C3.ai is looking to bring investors back after a tough year with sales trouble, layoffs, and executive turnover. Back in February, Reuters said C3.ai cut 26% of its global workforce under then-CEO Stephen Ehikian as it tried to cut costs following weak performance and a softer-than-expected forecast.