Co-Chairman of Activision Blizzard cashes in stock for $20 million
Just in time for Activision Blizzard's earnings report, Co-Chairman Brian Kelly liquidated 2 million shares of his stock in the company on March 12, earning over $20 million in the process.
The move has caused some speculation that the trade spells bad news for the company's forthcoming report. Given that Rock Band Guitar Hero and World of Warcraft haven't showed signs of slowing even during the recession, it's a safe guess that the report won't trigger a massive sell-off. Kelly was the only director-level employee reported by the SEC to have traded large volumes of his stock, so it's unlikely his stock trade is related to Activision Blizzard's performance. When 30 percent of the board of directors begins selling off their assets, it'll be time to panic.
