Kogan.com chief Ruslan Kogan and CFO David Shafer have sold around $48.8 million of their shares in the online business on Wednesday morning.
The sale comes just over a week after the pair suffered backlash from investors over an abandoned attempt to sell $100 million in shares, sending Kogan’s share price down over 16 per cent from a near all-time high of $9.80 to $8.19 by last Friday.
Kogan shares were down two per cent to around $7.70 in the hours after the sale was announced to the market on Wednesday.
The online retailer said Kogan and Shafer “reluctantly” accepted an unsolicited bid for 6 million of their shares in the business on Wednesday morning due to “personal financial commitments”.
Kogan told the market last week that neither Kogan or Shafer were in active talks to sell any shares.
“Kogan and Shafer remain fully committed to the business and continue to have the vast majority of their personal wealth invested in Kogan.com,” the company said.
Both Kogan and Shafer have committed not to deal in securities prior to September.