Biggest Twit prepares to flog his stock

TwitterThe markets were all tutting over Twitter founder Ev Williams deciding to flog a third of his shares.

Apparently, Williams did not want to get rid of his shares because the company was suffering, he just wanted to buy something nice for himself.

In fact, his announcement make it clear that he was not selling because of Twitter performance reasons, just for personal reasons.

Of course, a cynic would suggest that those personal reasons could be that he does not want to lose more money on a company which could not successfully sell itself.

If he wants to buy anything more than a mars bar and a packet of crisps with his shares then he might have to do it now. Williams is the company’s largest individual shareholder, so his recent announcement may make some investors worried. However, Twitter stock was only down less than one percent Thursday following this news. Recode reports:

Twitter’s stock is down more than 15 percent over the past three months. Williams explained the sale in a blog post, and wrote that he has spent a lot of money investing through his venture fund, Obvious Ventures, and also donated a lot to charity and political campaigns over the past year.

“I’d like to continue,” he added. Williams sold about $4 million in stock this week, according to an SEC filing, and has set up a 10b5-1 trading plan, which means he will sell at pre-determined dates moving forward to avoid any concerns over insider trading.