On Feb. 11, Moderna CEO Stephane Bancel sold 10,000 shares of company stock, valued at $1.8 million in total. By the following day, Bancel’s Twitter account, had disappeared without warning.
Observers on Twitter found the relationship between these moves suspicious. In reality, the sale was part of Bancel’s previously-made plans to sell stock over time. Bancel last modified these stock-sale plans in May 2021. The sale is a tiny part of his holdings. At this rate it would take Bancel 16 years to sell all of his shares.
The SEC filing reporting the sale notes that the transactions were made in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. That regulation allows company insiders to sell shares at predetermined times. They are a very common way for executives to avoid appearances and accusations of illegal insider trading. This sale was part of Bancel’s…
