Key points
- Gelsinger bought 50,000 shares for $166,875 on Sept. 11
- Transaction code P, and the trading-plan box is blank
- Thrivent converted its Class B stock in May, then sold 711,477 shares
- Bill Hwang's foundation still holds 3,423,076 shares
A Form 4 landed Friday showing Pat Gelsinger buying 50,000 shares of Gloo Holdings (GLOO) at a weighted-average price of $3.3375, or $166,875, through a family trust he controls.
I wrote about him buying this stock in July too, and I spent a good part of that piece explaining why it counted for less than it looked. He had promised to buy in writing before the offering was even priced. This one does not come with that caveat, and the reason is two fields on the form.
What the filing actually says
The transaction code reads P, which is what an insider uses for an ordinary open-market buy. The Rule 10b5-1 box is blank.
That blank box is the interesting one. When it's checked, the purchase came out of a schedule the insider set up months earlier, so the timing reflects a decision made back then rather than anything about this week. Nothing here was on a schedule. He picked the day.
A footnote adds the texture. The shares, it says, "were purchased in multiple transactions at prices ranging from $3.08 to $3.35, inclusive." So the buying ran through the session at a range of prices.
July worked differently. That $500,000 went into a stock offering at $3.25, and Gloo's own offering documents had disclosed the commitment before the deal priced, alongside $3.5 million from chief executive Scott Beck and $2.0 million from board member Derek Todd Green. Promising to buy and then buying is a real commitment. It is a weaker signal than walking into the market on an ordinary Friday.
Gloo closed at $3.34 that day, up 11.1% from Thursday's $3.005. Gelsinger's purchase prices span that move, so he was buying into a rising price rather than under it. The filing does not say what drove the day, and I wouldn't read the buy and the move as one explaining the other. For scale, July's offering priced at $3.25, so two months on the stock sits about nine cents above it.
Who else owns a church software company
Gelsinger is Gloo's executive chair and head of technology, and before that he ran Intel and VMware. Gloo sells software to churches and ministries. Two outside shareholders own enough of it to file as 10% owners, and the pair of them is why I kept reading.
The first is Thrivent Financial for Lutherans, the member-owned fraternal benefit society in Minneapolis whose roots go back to 1902. On May 18 it converted 4,786,477 Class B shares into Class A. Class B doesn't trade and Class A does, so converting is the step you take before you can sell. It started selling on June 10.
Since then it has filed 22 Form 4s covering 711,477 shares sold, 385,000 of those since mid-July. A few thousand shares most days, sometimes a few hundred, at weighted-average prices ranging from $4.82 down to $2.98. Gloo traded above $5 in early June and has not been above $3.70 since the July offering. It held 4,075,000 shares on Sept. 10, just over 10% of the Class A stock.
The second is the Grace & Mercy Foundation, and it has not sold anything.
Grace & Mercy is the charitable foundation of Bill Hwang. Hwang ran Archegos Capital Management, the family office whose collapse in March 2021 cost its lenders more than $10 billion, with Credit Suisse taking the worst of it. In November 2024 he was sentenced to 18 years in prison for securities fraud, wire fraud and market manipulation, and ordered to pay more than $9 billion. He's incarcerated now, and the July Form 4 that we wrote about at the time was signed by the foundation's treasurer.
That filing showed the foundation buying 923,076 shares at $3.25 in the same offering Gelsinger bought into, taking it to 3,423,076 Class A shares. Nothing has been filed since.
The percentage attached to that number has moved a lot, and not for the reason you'd assume. Gloo's July prospectus put Class A at 18,405,352 shares once the offering closed, which made the foundation's stake about 18.6% of the class. The Sept. 10 quarterly report puts Class A at 40,215,326. That's mostly Class B converting across, the same move Thrivent made, rather than a flood of new stock: Class B fell from 69,166,937 to 51,315,715 over the same stretch, and the total share count rose about 4%. So the foundation owns about 8.5% of Class A now and about the same slice of the company it owned in July.
One more caution on percentages here. Class A is under half the shares and carries the smaller vote, and Gloo says Beck and his affiliates control a majority of the voting power. A large Class A position buys less influence than it sounds like.
Still, the filing feed makes a strange picture. A company built to sell software to churches has a Lutheran benefit society walking out the door a few thousand shares at a time, a convicted fraudster's charity sitting still, and a former Intel chief executive buying on a Friday.
What this does not tell you
The filing gives the date, the size, the average price and the absence of a plan. It doesn't give a reason, and it says nothing about whether Gelsinger intends to buy more. $166,875 is a modest sum next to what he committed in July.
A Form 4 never explains a sale either. Thrivent is an institution with fund flows, rebalancing and redemptions, and any of those produce exactly the pattern its filings show. Reading an opinion about Gloo into it would be a guess.
If you want the fuller argument about how much weight any insider purchase deserves, I went through the research on that in a separate piece. Every Gloo filing as it arrives is on its stock page, and my July article on the offering purchases has the numbers from that round.
