Beyond Meat's CEO isn't selling any of his shares anytime soon - and thinks the company could grow to be worth $40 billion
- Beyond Meat CEO Ethan Brown told Bloomberg news that he's focused on the long term and isn't selling his shares anytime soon after their recent sell-off.
- The stock rose as much as 8% Wednesday, following a 24% single-day plunge spurred by the expiration of the company's post-initial public offering lockup period.
- Investors concerns that increased competition will constrict Beyond's future growth have also depressed shares. But Brown said he expects competition and the company is prepared for it.
- Read more on Business Insider.
Beyond Meat CEO Ethan Brown, the fifth-largest holder of the company's stock, said he won't be selling shares anytime soon following Monday's sharp sell-off.
"Why would I? I'm entirely focused on the long term," Brown told Bloomberg reporters Deena Shanker and Tatiana Darie on Tuesday.
Brown also said he believes the plant-based-meat maker can be a $40 billion global protein company.
Beyond Meat shares rose as much as 8% Wednesday, following Tuesday's 24% plunge spurred by the expiration of the company's post-initial public offering lockup period, which flooded the market with new shares.
The stock has also suffered this year as competition heats up in plant-based meat. But Brown said he welcomes the competition and sees much room for the company to grow. Beyond's household penetration has increased 66% for the year to 2%, Bloomberg reported.
"We want good competitors, in the sense that it drives our team," Brown told Bloomberg. "We're going to replace our own products; you're not going to replace them. Let the competition come."
Beyond Meat is up 248% year-to-date.
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