Insider Sales: How It’s Done

by Mr Juggles

NCsoft management has emphasized that the Garriott brothers do not have plans to further sell down their stake. The company commented that Richard will use the proceeds for space travel. Robert did not state a reason for selling his stake.

Most executives sell stock. When you ask them why they’ve sold, they invariably give a generic answer about diversification, portfolio management, or taxes. These answers don’t usually vary whether the exec is selling 5% or 100% of his stake.

So we congratulate Richard Garriott of NCSoft, a Korean online video game company with operations in the US, for his candor. Richard, also known as “Lord British,” built a famous castle and haunted house named Britannia Manor in Austin. Now he has set his eyes on other pursuits and is not shy about listing them as reasons for his recent stock sales.

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  1. Cincinnatus_C
    March 28th, 2007 | 12:51 pm

    I love how the article just casually mentions that he’s going to use the proceeds for space travel. If I’m ever quoted as such in an article like this, I’m going to say that I’m using my proceeds to continue working on my time machine.