Twitter Inc (TWTR) COO sells 300K shares this week following lockup period expiration
Twitter Inc (NYSE:TWTR) COO Ali Rowghani has sold 300,000 of his shares this week after Twitter’s stock lockup period expired, according to a filing with the SEC. Rowghani made slightly under $10 million from the transaction. Twitter’s general counsel and VP of finance also sold shares this week, reported Mashable.
Twitter’s stock has been dropping throughout this week due to concerns with the lockup expiration, which lets insiders at the company offload shares in the company. Twitter attempted to alleviate concerns over this issue by revealing that the company’s CEO, co-founders, and larger investors had no plans to sell.
It has been reported that a portion of the shares were sold by its executives to pay for taxes. Twitter’s stock dropping nearly 20%. Twitter was trading at between $38-$40 as of Monday and closed at $32.05 today.