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Plus500 tumbles as CEO, CFO and CMO sell 1.5m shares
(Sharecast News) - Plus500 tumbled on Tuesday after the company's chief executive, chief financial officer and chief marketing officer sold 1.5m shares to Goldman Sachs. The sale of the shares, which equates to a stake of around 2.1%, was carried out at 4,478p per share.
CEO David Zruia sold 450,792 shares, while CFO Elad Even-Chen and CMO Nir Zats sold 940,000 and 109,208, respectively.
Plus500 is not a party to the transaction and will not receive any proceeds.
The company said the executives had decided to sell the shares "for personal financial and tax planning purposes".
"The selling shareholders have not sold any shares in the company since its IPO 13 years ago and remain highly committed to the company's long-term strategy, growth trajectory and value creation for shareholders," it said.
At 0820 GMT, the shares were down 5.9% at 4,438p.
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