this post was submitted on 14 Sep 2023
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How's that even legal.
Usually people at a company are not allowed to sell stock except during special windows. For people at the very top it's restricted even further where they need to essentially plan to buy/sell stock well in advance. Essentially there is a huge delay to any stock decisions. So these sell offs were likely decided far in advance and once locked in cannot be changed.
For more details read https://www.investopedia.com/terms/r/rule-10b5-1.asp
the sale might not have been shady if scheduled, but the timing of the announcement which they have complete control over IS shady as fuck.
So basically it can be "legit" if they schedule the sale for a year out and the announcement for a year and a day...
You can regulate the stock market as much as you want but it's a flawed concept.