Shares of Twitter are sliding on Thursday, down 0.9% at $US14.40 a share, following a report from Business Insider’s Steve Kovach that cofounder and board member Evan Williams plans to sell up to 30% of 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 in a blog post on Medium after Kovach inquired about the sale. “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.”
Shares of Twitter were trading up 0.6% at $US14.63 a share ahead of the news, but quickly tumbled into negative territory.
Twitter has had a rough go of things as of late. In its fourth-quarter earnings report, the company warned that revenue growth would continue to fall behind its audience growth “due to the sales cycle.” The company also warned that it could negatively affected by the “escalating competition for digital advertising spending.”
Shares of Twitter have fallen 80% since setting an all-time high of $US73.31 a share back in December 2013.