Activision CEO Bobby Kotick and fellow board chairman Brian Kelly have sold nearly USD 60 million in combined shares, according to online reports.
CEO Kotick filed to sell 1.5 million shares of company stock last week, worth around USD 17 million, according to a Business Insider report. Kelly sold 3.6 million shares, worth around USD 42 million.
The co-chairs' motives for selling these shares are of course unknown, though with Activision shares up 30 per cent since the beginning of the year, they could simply be cashing in on the company's recent success. The move could also be an indicator of an assumed drop in Activision shares later in the year, though theories along these lines are purely speculative.
Following Activision's merger with Vivendi, Kotick and Kelly received significant shares and change-of-control payments, worth an estimated USD 40 million at the time.
In April, Activision announced that its earnings and net revenues were ahead of targets, with USD 860 million in revenue for the quarter ending March 31.