The Kogan.com Ltd (ASX:KGN) share price took a tumble on Tuesday after the two founding directors sold $40 million worth of shares in the e-commerce company at $6.40 per share.
This followed on from founder and chief executive Ruslan Kogan and fellow director and founder David Shafer selling a combined $42 million worth of Kogan shares at $7.00 per share.
Writing in its July update, the Blackrock Concentrated Industrial Share Fund said Kogan has continued to reinvent itself as one of Australia’s most successful online platforms.
Despite the directors sales, the fund said the business was very well managed. It said the Kogan team still have the vast majority of their wealth invested in the company and as young entrepreneurs it still thinks they are highly motivated to drive the business to much higher levels of profitability.