Dropbox Chief Business Officer Eric T. Webster sold 30,650 shares of Class A Common Stock for about $1.0 million on August 18, according to an SEC Form 4 filing. The weighted average sale price was $34.25 per share, a premium to the August 18 close of $33.87. Roughly 48% of the shares were withheld to cover tax liabilities from vesting restricted stock units, while the rest were open-market sales at $34.05 to $34.23 per share. Webster retains about 416,000 directly held shares and holds restricted stock units vesting through November 2029. The sale came as Dropbox reported paying users grew 96,000 to 18.19 million and guided third-quarter revenue of $627 million to $630 million.
Dropbox IncInsider sale of $1M stock by CBO, though partly tax-related, signals potential lack of confidence.
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