WiseTech Global (WTC) founder and major shareholder Richard White has been one of the market’s most prolific insider sellers this year. White has remained in steady sell-down mode throughout 2026, although the disposals are consistent with his behaviour in prior years and he still owns more than 34% of the company.
The timing of some sales has understandably attracted scrutiny, but the share price weakness has been driven by more than insider activity. Governance concerns have weighed heavily, while the broader “SaaSocalypse” has also triggered a sharp de-rating across global software stocks.
- Jul 2023 – Sep 2024 (A$80 → A$137): WTC rallied strongly, reaching a record high of ~$137 in September 2024 on the back of robust revenue growth and its position as a global logistics software leader.
- Oct 2024 (A$137 → A$118): The first wave of personal conduct allegations against White broke simultaneously with his and Isaacs’ share sales on 20 October 2024, triggering an immediate drop in the share price.
- Feb 2025 (A$90 → A$81): Four directors resigned en masse citing “intractable differences” over White’s ongoing role; the stock fell more than 20% when it reopened from a trading halt.
- Sep–Oct 2025 (~A$90 → A$69): White sold over $170M in shares across three tranches in six weeks, before ASIC raided WiseTech’s offices.
- 2026 (A$58 → ~A$33): The stock continued to slide as hedge funds ramped up short positions and fresh allegations, including an AFP human trafficking investigation into White, erased more than $2 billion in market value in a single session in late June 2026.
White’s selling may attract the headlines, but with hindsight the stronger signals to reduce exposure were governance-related. Many institutional investors were forced to reassess their positions as concerns surrounding White intensified. By contrast, we have less issue with a founder gradually realising part of the wealth created from building a high-quality global business, particularly while retaining such a substantial stake.
Assuming WiseTech can ultimately move beyond its governance issues and demonstrate that AI is more opportunity than threat, the valuation is becoming increasingly interesting. The company is currently valued at approximately $11 billion and is forecast to generate around $500 million of NPAT in FY27.
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That implies a forward earnings multiple of roughly 22 times, which appears reasonable for a business of WiseTech’s quality and market position. The more difficult question is not whether the stock is cheap relative to its history, but how much future growth investors will be prepared to capitalise while governance uncertainty and AI-related concerns remain unresolved.
MM is cautiously bullish towards WTC around $33
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