Life360 shares fall as CEO Chris Hulls sells 1.2% interest
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More news: Life360 shares lowered at the start of trading after the tracking app maker's co-founder and CEO Chris Hulls sold a 1.2% stake in the company.
Life360 shares were down 6.4% to $21.29 by 10:50am AEDT, having surged more than 180% since January.
Life360 co-founder and CEO Chris Hulls sells 1.2% stake
The news: Life360 co-founder and CEO Chris Hulls has sold 1.2% of the US technology company's shares as part of plans to diversify his personal wealth.
The numbers: Hulls will continue to own a 3.8% stake in the company following the sale.
The context: Hulls said the move is part of plans to diversify his financial holdings, having kept a "significant majority" of his wealth associated with the tracking app company.
He will donate over a third of the shares to a private foundation and donor-advised fund. Nearly 75% of Hulls' net worth will remain in Life360 equity and he has committed not to undertake certain additional sales in the next 12 months.
What they said: "I have recently returned from an extended break more excited than ever about the opportunities ahead for Life360, and with a renewed enthusiasm to lead the next chapter in the company's vision," said Hulls.
"At the same time I decided to activate my planned diversification, and these transactions will enable me to secure my family's future as well as creating a foundation to undertake philanthropic projects in my local community."
The source: ASX announcement
