Twitter chief exec Dick Costolo’s family trust sold half of their shares in the social platform this month, reports Bloomberg.
Regulatory filings revealed that The Richard Costolo 2001 Living Trust and Lorin Costolo 2001 Living Trust (named after Costolo’s wife) sold 283,460 shares in two separate transactions on November 3rd and November 17th, netting $11.6 million.
This follows July sales of 16,698 shares, and a second sale of 20,106 shares in October.
Costolo’s trust still owns 283,460 shares after the sale, and he personally owns 36,028 shares in the company, plus 509,828 unvested restricted stock units and 8.52 million options. The latter are worth $324 million.
Prior to July Costolo had not previously sold any shares in Twitter.
“Dick’s stock sales were done in accordance with a trading plan put on file 90 days ago to help him diversify his investments over time,” said Jim Prosser, a spokesman for Twitter.