Online retailer Kogan’s share price has plummeted ten per cent in Tuesday morning trade after it was reported that founder Ruslan Kogan and CFO David Shafer tried to sell shares valued at $100 million.
Just a day after enjoying a 6.5 per cent bump with investors after announcing a move into bulky white goods, shares sank 97 cents to $8.75 by 13:50 AEST.
In a statement released to the ASX on Tuesday the business said neither Kogan or Shafer received a bid that was acceptable to them, and as such did not proceed with a transaction.
“Kogan and Shafer are not currently in discussions to sell any shares,” the business said on Wednesday at 12:20 AEST.
Kogan made headlines yesterday with a move into white goods and bulky kitchen appliances, a move that will put it into direct competition with the likes of JB Hi-Fi Group and Harvey Norman.
The business has gone from strength to strength in recent years, catapulting the wealth of Kogan and Shafer over the last twelve months.
Kogan’s share price has increased by more than 500 per cent from the $1.45 it was trading at this time last year.