Snap Inc. Chief Technology Officer Robert C. Murphy sold 2 million shares in open-market transactions between February 6 and February 10. These sales were valued at approximately $10.63 million.
The transaction size represents double the historical median of Murphy’s previous stock sales.
The liquidation occurred shortly before Snap’s stock price reached an all-time low of $4.72 on February 12.
This significant insider sale, combined with the company's poor market performance, may intensify investor concerns regarding Snap's future prospects.