Twitter Inc (NYSE:TWTR) co-founder Evan Williams announced that he will sell a large portion of his stake on the company.
Williams — who was once CEO of the social media site — revealed that he will be selling off
about 30% of his TWTR shares over the next year or so. The move comes amid continuing struggles for Twitter in a difficult social media environment.
The company co-founder said that he will be using the funds raised through the sale of his shares to invest in a number of startups, while also offering political and philanthropic donations.
“It actually pains me to be selling at this point, but this sale is all about personal context, not company context,” Williams wrote in a Medium post Thursday.
It has been a dour time for Twitter as ad revenue has declined due to less interest in ad space with the company, while its user base has stagnated after growing at a fast rate.
The stock itself is very near its all-time low, falling a further 1.1% Thursday and now selling for $14.36 per share. He sold more than $4 million worth of share this week alone.
Williams has not shed more light regarding how quickly he will sell his piece of the pie.
He was part of the 2006 group that first brought the company to life.
