Twitter co-founder, and Medium CEO, Evan Williams, announced a move Thursday to unload 30% of his shares in the company. Selling 4-million in shares hardly inspires confidence in a company whose growth has been stagnant for more than a year.
In a recent post on Medium, the Twitter co-founder announced his plans to begin selling off the shares in a plan that commenced on Monday. The news of the sale of William's shares sent Twitter's stock price down 1% on Thursday.
Williams wrote, "After a year and a half of no selling, I have filed a new 10b5-1 plan to liquidate a minority of my TWTR [shares] over the next year." He stated, "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."
The announcement means more damage control for CEO Jack Dorsey, who is attempting to turn the financial outlook of the company around. Since the company's growth stalled last year, shares have plummeted by as much as 16%.
Williams said the move was to free up money to be able to focus on his charity organization and diversify his investments. However, he plans to stay active in his ownership position in the company, maintaining a 4% share.
While news of the sale has sparked negative speculation as to the financial future of the company, Williams remained upbeat regarding the company's current and future outlook. He stated the following in his post on Medium:
"The vast majority of my assets are in the form of Twitter stock, as has been the case since, well, since it was worth much. That will continue to be the case for the foreseeable future. I'm proud to be on the board and optimistic about the future of the company. I'm also really gratified by the recent efforts at Twitter to curb abuse, the upward tick in usage, and recent additions to senior staff, among other things."
Williams joins others who have recently dumped their shares in Twitter, the most notable being Chris Sacca, an early investor in the platform, who unloaded his shares in Twitter after Jack Dorsey took over as CEO.