 CEO Daniel Schulman Sells 25,000 PayPal Shares
Source: https://marketrealist.com/2020/03/ce...paypal-shares/
Schulman sold PayPal shares
PayPal CEO Daniel Schulman reduced his stockholding in the company. The executive sold 25,000 PayPal shares on March 17. He made about $950,000 from the transaction, according to a regulatory filing. The executive sold the shares in a series of transactions. The shares sold for between $91 and $101.
Notably, Schulman is the latest insider to sell PayPal shares. In the week ending March 6, various PayPal executives sold $25 million in PayPal shares combined.
Schulman’s shares sale came a day after PayPal stock recorded its steepest single-day drop since the beginning of the year. PayPal fell 16% on March 16—the worst day for many US stocks so far in 2020. The sell-off came amid growing concern about the spreading coronavirus that has disrupted global business.
While the recent sell-off in stocks has its roots in the coronavirus panic, regulatory filings show that Schulman scheduled his PayPal stock sale under the rule 10b5-1 trading plan. Schulman still owns 596,803 in PayPal shares after the latest sale.
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