Twitter chief executive officer Dick Costolo has sold 140,352 shares of Twitter stock, netting over $5 million.
According to a filing with the Securities and Exchange Commission (SEC), Costolo made the sales in the last few days.
This follows a complete liquidation of all their Twitter stock by Costolo’s family trust in December.
Twitter insiders, including co-founder Evan Williams, VP of product Kevin Weil and president of revenue Adam Bain, have also sold Twitter stock in the last month.
The selling has not gone unnoticed by Wall Street, especially where Costolo is concerned. At the end of December Twitter shares rallied on rumours that the CEO was going to resign. That news turned out to be false, but that hasn’t stopped others from calling for his head.
Year-on-year, Twitter is down more than 38 percent.
“Dick has sold shares under a plan filed in the summer and his total sales represent less than 10% of his total equity in Twitter,” said a Twitter spokesman.