Will Shu who is the founder of Deliveroo has sold £47m of stocks in the firm to pay his tax bill which has sent shares in the company down.
In a filing on Thursday morning that Shu and the firm’s chief financial officer, Adam Miller had both sold shares to satisfy tax liabilities.
Miller sold almost £2m worth of Class A shares, whilst Shu sold 16.9m shares at 278p each, which represents a 4% discount against the closing price on Wednesday.
Shu and Miller, as part of their conditions to their stake in Deliveroo, were required to sell the shares to settle tax liabilities.
Both Miller and Shu who is the chief executive of Deliveroo will be rewarded with new Class B shares, and Miller was given £2.3m in stock as part of the process.
In a statement, Deliveroo stressed that “neither Will Shu nor Adam Miller will retain any net proceeds as a result of the proposed transaction.”
Shares in Deliveroo fell by 8.1% to 266.5p on Thursday.