It's been a strong start to the trading week so far this Monday for many ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has risen by 0.28% and is back over 8,230 points. But let's talk about one ASX tech share that might have chins wagging today.
That ASX tech share is none other than WiseTech Global Ltd (ASX: WTC). You might have heard Wisetech pop up in the investing community's proverbial watercooler conversations recently.
This logistics solutions company has been making headlines over the past week thanks to some rather personal allegations against Wisetech's co-founder and CEO, Richard White.
White is again the topic of conversation today. But it's thanks to a different issue that Wisetech shares are making news.
According to an ASX filing that was released on 10 October, White has once again sold a big chunk of Wisetech shares.
The filing tells us that White disposed of 461,891 shares of his company between 3 and 10 October this month. These sales were executed in a series of on-market trades over the period.
The shares were sold out of RealWise Holdings, a private company that White has a 91.83% ownership stake in.
White received an average price of $132.89 for these share sales. That means that he would have banked a tidy $61.38 million for the trouble.
Sales of this nature are nothing new for owners of this ASX tech share to confront, though. Last month, we covered another major sale of Wisetech stock by White. This saw the CEO offload $46 million worth of stock.
This effectively means that White has reduced his stake in Wisetach by more than $100 million in just the past month alone.
Should ASX tech share investors be worried about this CEO stock sale?
Whether or not these share sales are of consequence is up to each individual Wisetech shareholder.
Most ASX investors love to see the management figures of the companies they invest in align themselves as much as possible with the fortunes of their fellow shareholders. As such, share sales like these often cause some consternation.
However, it is worth considering that White, through RealWise, still retains 115,322,016 shares of Wisetech. At the current pricing of $132.70, this stake in the ASX tech share would have a value of $15.30 billion. So investors can't exactly accuse White of not having skin in the game here.
