Evan Williams, the co-founder and board member of Twitter, plans to sell a significant portion of his shares in the company, Business Insider has learned.
After Business Insider inquired about the shares, Williams posted a blog post explaining why he is selling his shares.
“After a year and a half of no selling, I have filed a new 10b5 — 1 plan to liquidate a minority of my TWTR over the next year,” Williams wrote. “This plan kicked in on Monday. It actually pains me to be selling at this point, but this sale is all about personal context, not company context.”
Williams sold about $US4 million worth of Twitter stock Wednesday, according to SEC filings, but that’s just the beginning. He plans to sell up to 30% of his shares over the next few months. The sale would reduce his stake in Twitter from about 5% to slightly under 4%.
Williams will remain on Twitter’s board, a spokesperson told Business Insider.
“Evan Williams recently entered into a pre-arranged 10b5-1 stock trading plan as part of his continued efforts to diversify his financial positions and focus on his charitable organisation and other endeavours,” the spokesperson said. “Ev, a co-founder of Twitter and member of the Board since 2007, has been a champion of Twitter since Day 1 and intends to maintain a significant ownership position in the company. The plan is not expected to result in the sale of more than 30% of Ev’s holdings.”
Williams also served as Twitter’s CEO for a brief time. He stepped down in 2010. He’s now the CEO of Medium, a blogging platform.