Shares in spread-betting firm Plus 500 Ltd (LON:PLUS) tumbled on Thursday after the company announced that its founders had sold a significant chunk of their stakes in the business.
The five men – Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann – offloaded a combined 15.5mln shares, pocketing themselves a cool £100.75mln.
Plus 500 said they were selling up to enable them “to diversify their investments whilst raising funds for personal reasons”.
Even after selling a 13% stake in the company, the founders still hold around 22% of the total share capital.
Plus 500’s chief executive, Elad Even-Chen, said the London-listed firm expected the drop in share price as it reflects the sale price of 650p rather than yesterday’s closing price of 750p.
Shares in the firm have gained over 55% in the year-to-date, thriving on the volatile post-Brexit market conditions.
Shares were down 13%, or 99p, to 651p.