Shares in Kogan.com have tumbled on reports the founders of the online retailer were selling down their stakes.
A short time ago, the shares were down almost 14% to $8.43. The company listed on the ASX in 2016 at $1.80.
The company isssued a statement to the ASX noting “media speculation” regarding a sale of shares by Ruslan Kogan and David Shafer.
“The Company wishes to advise that Mr Kogan and Mr Shafer did not receive a bid that was acceptable to them and, as such, no transactions have occurred,” the company said.
“Mr Kogan and Mr Shafer are not currently in discussions to sell any shares.”
The Australian reported the founders had been looking to sell a $100 million stake in the company.
In October last year Ruslan Kogan sold 3% of his company for almost $13 million. According to filings with the ASX, Kogan moved 3 million shares at $4.25 each. Since then the share price has doubled.
He still owns just over 50% of the company.