Twitter shares received a major hammer on Thursday session and finished on the negative zone after the social media company’s co-founder, Evan Williams, declared that he is selling his shares on the firm.
With the surprising news, twitter shares in the stock market have dropped more than 1% and were last trading at $14.36 per share in the New York Stock Exchange.
The disappointing drop came when Williams mentioned in a blog post about his decision to sell his shares in the firm. Last Wednesday, he already sold his Twitter stocks amounting to $4 million based on the filings with the Security Exchange Commission.
He expressed his feelings about the recent decision on his blog post saying, "It actually pains me to be selling at this point, but this sale is all about personal context, not company context.”
In the last quarter of 2016, the social media firm logged to its slowest revenue in four years, the time it went public, and recorded a near 16% slide for the whole year but despite this loss, Williams mentioned that he is still optimistic about the company’s future.
The co –founder has been a regular seller of Twitter stocks since 2014 and took a one year hiatus last year. He confirmed that he is not going to sell not more than 30% of his Twitter stocks but only to a range of 4-5%.