$46m share sale adds to Wisetech concerns

WiseTech founder and chief executive Richard White has sold more than $45.8 million worth of shares over the last week amid questions about the company’s acquisition strategy and claims renegotiated earn-outs will add more than $100 million to its earnings for the financial year ending June 30.

Shares of the logistics solutions firm slumped by as much as 4.2 per cent – adding to Monday’s 8.6 per cent decline – after it confirmed on Tuesday that Mr White had disposed of another $41 million worth of shares.

WiseTech founder Richard White has sold more than 2.4 million shares in the business. Credit:James Marlow

WiseTech said Mr White sold the stock “to accommodate year-end personal financial commitments”.

On Monday, the company said Mr White had offloaded another parcel of 206,439 shares for $4.5 million, in his second share disposal since the its IPO in 2016.

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