Twitter's cofounders and CEO may not be in a rush to sell shares in the company, but the same can't be said of other top executives.
Ali Rowghani, Twitter's chief operating officer, sold 300,000 of his shares this week after Twitter's stock lockup period expired, according to a filing. He made just under $10 million from the transaction.
Twitter's general counsel and VP of finance also sold shares this week, according to company filings.
The company's stock plummeted in recent days in part due to investor concerns over the lockup expiration, which allows insiders to offload shares in the company and significantly inflates the number of shares trading on the market.
Twitter attempted to defuse some of these concerns by revealing that its CEO, cofounders and some its largest investors had no plans to sell. Even so, the stock fell by nearly 20% on the day of the lockup expiration amid record high trading volume.
The New York Times reports hearing from Twitter that at least some portion of the shares sold by its executives was to pay for taxes.
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