Life360 was the biggest loser, falling -6.7% after the family location-sharing tech company announced that CEO Chris Hulls had sold down a portion of his shareholding, adding insult to injury after a disappointing result last week. Hulls sold 863,903 shares or 1.2% of the company’s total outstanding shares. However, Hulls still has a considerable stake in the company, and hence, has plenty of skin in the game, i.e. The release notes stated that the CEO will continue to beneficially own approximately 3.8% of the total outstanding shares in the ASX tech stock.
- “I have previously indicated my desire to diversify my financial holdings – as a founder, I have been with the Company for 17 years, and I have a significant majority of my wealth associated with Life360 – and these transactions reflect that plan.” – Chris Hulls.
We see the current weakness as a net opportunity instead of a reason for concern.
MM is cautiously bullish 360
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