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Snap CEO Evan Spiegel sold $50 million of company stock

Snap CEO Evan Spiegel sold $50 million of company stock
Axelle/Bauer-Griffin/FilmMagic



Snap CEO Evan Spiegel sold $50 million of Snap stock on Monday.




The SEC filing for the the transaction carried a note that Spiegel followed a trading plan designed to allow sellers to avoid accusations of insider trading.




Snap had a comeback in 2019 following a harrowing 2018.




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An SEC filing has revealed that Snap CEO Evan Spiegel just dumped $50 million worth of company stock.
Filed on Monday, the SEC filing shows Spiegel sold 2,780,670 shares at a price of roughly $18 each. The filing carried the note that the transaction followed a "Rule 10b5-1 trading plan," an SEC rule which allows sellers of shares to avoid accusations of insider trading.
Spiegel owns 5.8% of Snap, making him its third-biggest shareholder, and Forbes puts his current net worth at $3.9 billion.
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