Snapchat CEO Evan Spiegel sold $50 million in stock this week, his first public sale since IPO

Snap ceo Evan Spiegel sold roughly 2.7 million shares of stock last week, worth more than $50 million, which is his first personal stock sale since snap went public last march.
The sale which was executed as part of apre-arranged sales plan that executives often used to avoid concerns over insider trading was a small amount of Spiegels over holdings-a little more than one percent
Its not uncommon for public company executives to sell stock, but Spigels sale is notable given that it's his first since the company's IPO. Spiegel and co-founder Murphy had previously pledged not to sell any shares in 2017, a promise intend to soothe any potential investor concerns around the time snaps employee lockup period ended