Top 3DO Company shareholder Electronic Arts has filed to sell 150,000 shares of the video-game-player company. The move supports 3DO's announcement last month that Electronic Arts would begin selling its 18 percent stake because the companies are heading in a competitive direction.
Microsoft chair Bill Gates has filed to sell 1,765 3DO shares as well. A spokesperson for Gates would not comment on why the executive had opted to sell.
When 3DO went public at 15 points in May 1993, it took the stock only six months to reach 46 1/4. But sales of 3DO players never took off as expected, and the stock started to slide. The company's stock was at 10 1/4 in early afternoon trading today.