@Mujo @lastever yes, RW has been very open over several years that over time his will progressively sell down his holdings, but that he intends to remain a major shareholder.

He typically sells a few % of his holdings every year, in a program of sales that sells "small" parcels over a period of several months, in one or two "selling seasons" per year.

Of course, it is important to recognise that he essentially increased his holding by around 3% (8% of 37%) last December, when he bought out co-founder Maree Isaacs of her shares in RealWise Holdings, the owner of $WTC shares of which he and Maree were shareholders.

So, even with the recent sell down, as you say, he still owns around 35% of the company.

Now his deal with Maree was that he took a 7 year loan from her to buy the shares, so he will need to pay that back in quarterly installments over 7 years. So, that give some added impetus for Richard to sell down to pay back that loan.

Clearly, the volumes associated with the sales are significant, typically making up 10% to 20% of the daily volume of shares transacted on a day. That's not enough to tank the price, but it does put downward pressure on the SP. For example, in the most recent notice he sold 573,650 over 5 trading days or an average volume of around 115,000 a day, at a time when the daily average volume was around 900,000 shares.

The SP is now at quite a deep discount to my valuation, and with a RL position of only 6%, I am giving serious thought to picking up some more. (Although the forward P/E is 72x, which is still high in absolute terms, it is almost back down to where it was at the depths of the governance issues, and is historically relatively low.)