Twitter co-founder and current board member Ev Williams is going to offload some of his Twitter stock.
Williams, who was once Twitter’s CEO and is the company’s largest individual shareholder, said Thursday that he plans to sell a “minority of my TWTR” stock over the next year. A Twitter spokesperson said that he doesn’t plan to sell “more than 30 percent” of his holdings.
Williams was careful to say the sale was for “personal” reasons, not company performance reasons. Twitter’s stock is down more than 15 percent over the past three months.
Williams explained the sale in a blog post, and wrote that he has spent a lot of money investing through his venture fund, Obvious Ventures, and also donated a lot to charity and political campaigns over the past year. “I’d like to continue,” he added.
Williams sold about $4 million in stock this week, according to an SEC filing, and has set up a 10b5-1 trading plan.