NEW YORK (TheStreet) -- Twitter (TWTR) shares are down 0.5% to $38.85 on Tuesday, one day after it was revealed that some of the company's top executives sold off $50 million worth of shares in November, according to an SEC filing.
Co-founder Evan Williams was the most active seller, netting $28.7 million for the shares he sold. CEO Dick Costolo sold almost half of his holdings in the company, while co-founder Jack Dorsey sold $2.1 million worth of stock.
The SEC told Forbes that "other than charitable donations, all of the executives' stock sales were done in accordance with automatic trading plans put on file at least 90 days prior to the sales," suggesting that the sell off was not in response to a slide in stock value or any other recent news.
Twitter shares have fallen 47% since the stock hit its all time high of $78.31 on December 26 of last year.
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