I seem to remember reading about Jack Dorsey recently selling some options.
I honestly have no real understanding of what he sold, but the timing just seems questionable with Friar stepping down after.
Is there any potential for this to cause any compliance or insider trading investigations?
Outside of that, if SQ drops substantially, I will look at this as a buying opportunity.
Just looked. Looks like he sold 400k shares in Aug and Sep.
That is very suspicious to me with the timing of this announcement.
It has to be a scheduled sale or he’d be immediately under investigation by the SEC for insider trading.
https://twitter.com/jack/status/1050134112709763072
“I’m so happy for Sarah. She’s going to be great at running a company. Square is different tho. We’re organized by business unit, like Cash, Caviar, Seller, Capital…and a lead/CEO for each. They are the execution, not me or Sarah. Square is built to be a durable ecosystem.”
Jack Dorsey on Twitter
This is true, but ignores the importance of overall strategic direction – product road maps and strategies, business development strategies (cross-selling, etc.), and corporate development strategies (bolt-on acquisitions, larger transactions, strategic partnerships), as well as incentive planning and hiring strategies – all company-wide functions where she may well have had substantial input (an active, powerful CFO can have influence far beyond the financial departments, and she probably did, especially given Dorsey’s split attention, her move to a CEO role, and what we have seen of her in public communications).
It is very hard for me to guess the impact this will have. I will probably wait a while to see what develops and meanwhile buy a bit more of APT on weakness.