Kogan.com Ltd’s [ASX:KGN] share price has fallen by 5%, following the news that founders, Ruslan Kogan and David Shafer, have sold a further portion of their shares.
Their shares are currently valued at $7.34 apiece, down from yesterday’s closing price of $7.85.
As you may recall, last week the online retailer’s share price slipped following a market update addressing the media speculation that Kogan and Shafer were secretly looking to sell their shares.
Why have Kogan’s founders decided to sell their shares?
An update this morning confirmed that Mr Kogan and Mr Shafer have reluctantly accepted an unsolicited bid, received this morning for 6,000,000 shares, due to personal financial commitments.
Details of the transaction are limited at this point in time, however Kogan has stated that no further offloading of shares by Kogan or Shafer will occur prior to September 2018.
The update stated that both founders remain fully committed to Kogan and have majority of their personal wealth invested in the business.
What can we expect for Kogan in 2018?
Kogan.com has had incredible growth since listing on the ASX, and continues to grow with its offerings. In the last two months alone, the online retailer has introduced pet and life insurance, internet and NBN services, white goods and built-in kitchen appliances.
Despite the poor publicity that the Founders of Kogan.com are receiving, the business itself seems to be performing well while continuing to expand.
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