Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes are pursuing opposing strategies with their shareholdings, with Farquhar selling shares worth about $US526 million ($760 million) at current prices and Cannon-Brookes planning to buy up to $US250 million ($361 million) worth. Farquhar said he was selling to contribute more money to his family’s charitable institution, while Atlassian’s filing described the sale as part of a long-term strategy for asset diversification and liquidity. Cannon-Brookes’ purchase plan was announced in August as the company sought to reassure investors it could ride out AI-fuelled disruption.
The pair, who founded Atlassian in Sydney in 2002 and built it into a $US39 billion workplace software company, have historically maintained equal stakes, selling identical amounts annually to fund their lifestyles and investments. Farquhar stepped down as co-CEO in 2024, leaving Cannon-Brookes as sole boss amid published reports of tension between the founders.
Both founders owned about 19 per cent of the software maker earlier this year, and hold shares with greater voting power than those largely owned by the public. Farquhar’s planned sales will make only a marginal difference to the balance of power within the company.
“To support Skip Foundation’s work tackling some of the world’s biggest challenges, starting with climate and the environment, I’m resuming a planned share sale program,” Farquhar said. “My commitment to Atlassian and its mission is unchanged. I remain a board member and significant shareholder, with full confidence in the company’s future.”
Cannon-Brookes’ plan to buy up to $US250 million of stock, announced in August, came as the company sought to reassure investors it could ride out the wave of AI-fuelled disruption. Atlassian has argued that big companies need its software more than ever in the AI age to ensure a secure place to store crucial data that integrated AI tools can draw on. The advent of AI has resulted in the sackings of large numbers of software engineers that used its tools and created a risk that competitors could use AI to replicate its apps at lower cost.
Over the last twelve months, the company’s stock has seesawed, trading as high as $US225 and as low as $US97. It is currently trading at about $US155. An Atlassian spokeswoman declined to add to the company’s filing.
Farquhar and Cannon-Brookes were once so close that they owned neighbouring mansions on Sydney harbour. Farquhar and his wife Kim Jackson have since sold their Point Piper estate.
Analysis
Why This Matters
- The divergence in trading strategies between the two founders marks a shift in the ownership control of one of Australia’s most prominent technology companies, following Farquhar’s departure as co-CEO in 2024.
- Farquhar’s plan to direct hundreds of millions of dollars to the Skip Foundation signals a major philanthropic outflow of Australian tech wealth.
- Cannon-Brookes’ move to increase his personal stake comes during a critical period of market uncertainty over how generative AI will reshape the software industry.
Background
Atlassian was founded by Scott Farquhar and Mike Cannon-Brookes in Sydney in 2002 and grew into a global workplace software company valued at $US39 billion. The pair served as co-CEOs for over two decades, historically maintaining equal shareholdings and matching each other’s stock sales each year. Farquhar stepped down as co-CEO in 2024. The company has since faced market turbulence amid the rapid rise of AI, which threatens customer headcounts in engineering teams while also presenting opportunities for new product integrations.
Key Perspectives
- Scott Farquhar: Says the share sale is part of a long-term strategy for asset diversification and to fund the Skip Foundation’s work on climate and the environment. He maintains his commitment to Atlassian is unchanged.
- Atlassian: Has argued that big companies need its software more than ever in the AI age to provide a secure place for crucial data that integrated AI tools can draw on.
What to Watch
- The volume and pricing of Farquhar’s share sales over the next 13 months, and how the market absorbs them.
- Whether Cannon-Brookes completes his full $US250 million purchase by May 2027, and at what stock prices.
- Atlassian’s next quarterly earnings and product updates, which will show whether its AI strategy is gaining traction.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedThe founders’ shareholdings are diverging as Farquhar sells shares and Cannon-Brookes increases his stake.Brisbane Times - Latest News: “Atlassian’s two billionaire founders’ shareholdings in the company are tipping out of balance as Scott Farquhar begins selling shares worth about $US526 million ($760 million) and Mike Cannon-Brookes starts bulking up his stake by up to $US250 million.”
- SupportedFarquhar’s shares for sale are worth about $US526 million ($760 million) at Atlassian’s current stock price.Brisbane Times - Latest News: “at Atlassian’s current stock price of about $US155, those shares are worth $US526 million.”
- SupportedCannon-Brookes plans to buy up to $US250 million ($361 million) worth of stock.Brisbane Times - Latest News: “Cannon-Brookes, by contrast, will buy up to $US250 million ($361 million) worth of stock”
- SupportedFarquhar said he was selling to contribute more money to his family’s charitable institution.Brisbane Times - Latest News: “In a short statement, Farquhar said he was selling to contribute more money to his family’s charitable institution.”
- SupportedAtlassian’s filing described the sale as part of a long-term strategy for asset diversification and liquidity.Brisbane Times - Latest News: ““The plan is part of Mr Farquhar’s long-term strategy for individual asset diversification and liquidity,” Atlassian’s filing reads.”
- SupportedCannon-Brookes’s purchase plan was announced in August as Atlassian sought to reassure investors it could ride out AI-fuelled disruption.Brisbane Times - Latest News: “in a move announced in August as the company battled to reassure investors that it could ride out the wave of AI-fuelled disruption”
- SupportedFarquhar said: “To support Skip Foundation’s work tackling some of the world’s biggest challenges, starting with climate and the environment, I’m resuming a planned share sale program.”Brisbane Times - Latest News: ““To support Skip Foundation’s work tackling some of the world’s biggest challenges, starting with climate and the environment, I’m resuming a planned share sale program,” Farquhar said.”
- SupportedFarquhar said: “My commitment to Atlassian and its mission is unchanged. I remain a board member and significant shareholder, with full confidence in the company’s future.”Brisbane Times - Latest News: ““My commitment to Atlassian and its mission is unchanged. I remain a board member and significant shareholder, with full confidence in the company’s future.””
- SupportedFarquhar and Cannon-Brookes founded Atlassian in Sydney in 2002, and it became a $US39 billion workplace software company.Brisbane Times - Latest News: “The two men founded Atlassian in Sydney in 2002 and built it into a $US39 billion workplace software company”
- SupportedFor years, the founders had equal shareholdings and sold identical amounts of stock each year.Brisbane Times - Latest News: “For years, the pair had equal shareholdings in Atlassian and sold identical amounts of stock each year to fund their lifestyles and investments”
- SupportedFarquhar stepped down as co-CEO in 2024, leaving Cannon-Brookes as the company’s sole boss.Brisbane Times - Latest News: “as co-chief executives before Farquhar stepped down in 2024 amid reports of tension with Cannon-Brookes, who became the firm’s sole boss.”
- SupportedBoth founders owned about 19 per cent of Atlassian earlier this year.Brisbane Times - Latest News: “Farquhar and Cannon-Brookes both owned about 19 per cent of the software maker earlier this year”
