Snapchat CEO Evan Spiegel sold over $25 Million in company stock to cover his taxes

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Recently, Snapchat Co-founder and CEO Evan Speigel sold over $25 million in the company, as published in SEC filings for the last weekend. According to the documents, he converted and sold about 1.5 million shares at $16.66 per share to $17.63 per share.

Some of these shares will be put to use for covering Speigel’s taxes on his restricted Snapchat stocks unit award program. This program is of 3 years and began in 2017. The entire plan had been detailed in the company’s first annual report after its first IPO that was declared last year. This annual report was released towards the end of February.

Related:

Speigel had a bonus worth $637 million after the IPO was declared! This amount as well represented 3% of total shares outstanding. Last year, he told investors that he wouldn’t sell shares for the remainder of 2017 after the IPO. February 2018 saw a report of his first major share sale that amounted to $50 million.

Last week, the social media company went through a volatile trading that resulted in an over-1% fall of its shares on Monday morning. Although, the stock at about $18 per share has been still going above the IPO price of last year. Worth mentioning is that the company experienced the price going below $17 a share only during July 2017.

Via: CNBC

Snapchat CEO Evan Spiegel sold over $25 Million in company stock to cover his taxes