Atlassian founders split: Farquhar files to sell $526 million, Cannon-Brookes to buy up to $250 million
Filings reported this week break the founders' 24-year symmetry: Scott Farquhar sells up to $526 million of Atlassian while chief executive Mike Cannon-Brookes buys up to $250 million. The stock has lost a quarter of its value in a month, and holders must pick whose read of the AI seat transition to back.
Vincent Jiangtwo-minute read
Atlassian's−4.03% — Atlassian, down 4.03 percent as of its last quote founders are on opposite sides of their own stock for the first time. Filings reported on November 10 show Scott Farquhar, who left the co-chief executive job in 2024 and remains a director, may sell up to 3,393,500 Class A shares through December 4, 2027, about $526 million at Monday's $154.90 close 12.
Mike Cannon-Brookes, the chief executive who founded the Jira and Confluence maker with him in Sydney in 2002, filed the other way: a Rule 10b5-1 plan announced on August 6 for up to $250 million of open-market purchases, reported capped at 2,507,500 shares or $250 million, whichever is less, by May 2027 312. At $154.90 the dollar cap binds first 312. For 24 years the pair split the company evenly; this month they stopped agreeing on what it is worth 312.
A quarter of the value gone in a month
TEAM fell more than 16 percent on Friday to $153 and closed Monday at $154.90, roughly 25 percent under a month ago and 15 percent under five days ago, after Democrats took Congress promising to investigate and regulate AI giants 41. The stock has ranged from $97 to $225 in twelve months 2. Atlassian is worth about $39 billion, and the SaaSpocalypse, the investor flight from subscription software on AI fears, has also caught Adobe−0.40% — Adobe, down 0.40 percent today, Xero and WiseTech 5.
The September quarter grew anyway
The results underneath, filed November 5, still compound 67. Revenue was $1.772 billion, up 24 percent, for a second straight quarterly profit of $91 million against a $52 million loss a year earlier; subscription ARR reached $6.812 billion, up 23 percent, and remaining performance obligations, contracted future revenue, jumped 44 percent to $4.746 billion 67. The AI pivot has a price: 1,600 jobs cut in March, and Data Center revenue guided down about 16 percent this fiscal year 6.
Revenue rose year over year in all twelve quarters through the AI selloff
The top line never stopped growing while the stock lost a quarter in a month
Data
| Revenue | |
|---|---|
| Q4 '23 | $1.06B |
| Q1 '24 | $1.19B |
| Q2 '24 | $1.13B |
| Q3 '24 | $1.19B |
| Q4 '24 | $1.29B |
| Q1 '25 | $1.36B |
| Q2 '25 | $1.38B |
| Q3 '25 | $1.43B |
| Q4 '25 | $1.59B |
| Q1 '26 | $1.79B |
| Q2 '26 | $1.77B |
| Q3 '26 | $1.77B |
Operating margin just swung double-digit positive, and the guide gives most of it back
- GAAP operating margin
- Estimate
Data
| GAAP operating margin | |
|---|---|
| Q4 '23 | -4.6% |
| Q1 '24 | 1.5% |
| Q2 '24 | -5.9% |
| Q3 '24 | -2.7% |
| Q4 '24 | -4.5% |
| Q1 '25 | -0.9% |
| Q2 '25 | -2.1% |
| Q3 '25 | -6.7% |
| Q4 '25 | -3% |
| Q1 '26 | -3.1% |
| Q2 '26 | 11.9% |
| Q3 '26 | 10.7% |
| Q4 '26 (estimate) | 4.5% |
The stakes split, the control does not
Each founder held about 19 percent earlier this year and for years sold identical amounts of stock annually; that symmetry ends with Cannon-Brookes the larger economic holder 2. Both keep Class B shares carrying more votes than the public's, so formal control moves only marginally 2. Farquhar calls the sale a resumption of a planned program funding his Skip Foundation: "I remain a Board member and significant shareholder, with full confidence in the company's future" 1.
Two readings settle it: December-quarter guidance of $1.825–1.835 billion with the GAAP operating margin dipping to about 4.5 percent 6, and the Form 4 feed, which must report every purchase under the CEO's plan 3. Underneath is the seat-license fight traced in October: Atlassian's human-owner rule for AI agents.
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