Coinbase CEO Brian Armstrong Sold Shares Worth $1.7 Million Before SEC’s Lawsuit

Coinbase CEO Brian Armstrong Sold Shares Worth $1.7 Million Before SEC’s Lawsuit 10

Fox Business journalist Eleanor Terrett took to Twitter to share her take on the matter after crypto users accused Brian Armstrong of dumping his shares to avoid the impact of the SEC’s lawsuit. Terrett highlighted that the shares sold by Armstrong were part of a pre-planned stock sale that was initiated in August 2022. As per Terrett, it is common for executives to schedule stock sales on the first Monday of the month or the beginning of the third fiscal quarter. 

Reports of the alleged stock dumping emerged just days after multiple Coinbase executives, including Brian Armstrong, sold over $2.7 million worth of shares in a single day. The executives involved Chief Legal Officer Paul Grewal, Chief People Officer Brock Lawrence, Chief Financial Officer Haas Alesia, and company President Choi Emilie. 

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