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 from $16.66 per share to $17.63 per share.
Some of these shares will be used to cover Speigel’s taxes on his restricted Snapchat stocks unit award program. This program is of 3 years and began in 2017. The entire plan was detailed in the company’s first annual report after its first IPO, which was declared last year. This annual report was released towards the end of February.
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 volatile trading, resulting in an over-1% fall in 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 in July 2017.