The Kogan.com Ltd (ASX: KGN) share price is on the nose today after The Australian Financial Review reported that its chief executive and founder Ruslan Kogan has joined the company's chief financial officer in selling significant parcels of shares.
According to the AFR Mr. Kogan sold 3 million shares for $4.25 each at the same price as the CFO, David Shafer, sold 2.35 million shares. The selling delivering a $23 million pay check for Kogan's top brass, with the shares now changing hands for $4.08 in a nod to the block sale prices.
Although its founder still owns more than half the company when you factor in the total sale of 23 million shares at the IPO stage it's clear he's a net seller of the business.
Ruslan Kogan founded the business as a 23-year-old entrepreneur just 10 years ago when the online shopping craze was gaining momentum. U.S. online shopping giant Amazon.Inc is up around 1,000% over the same period, with Kogan likely to be directly competing with Amazon for online shopping market share in Australia over 2018.
