Former CEO Of PokerStars' Parent Sells $100M Of Amaya StockDavid Baazov Announces Tuesday That He Cut Stake In Company |
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The former head of the world’s largest online gambling company has dumped seven million shares of company stock worth just under $100 million.
Amaya’s founder and former CEO David Baazov, who was charged last year with insider trading, said in the Tuesday press release that he still has more than 17 million shares. His stake still represents 12 percent of the company. Amaya purchased PokerStars, the top card playing platform in the world in terms of players, for $4.9 billion in 2014.
Baazov later tried to take the company private but wasn’t successful.
His announcement sent Amaya stock on the NASDAQ up about seven percent to nearly $15 USD. The company was trading at nearly $39 a share in late 2014.
The 36-year-old is set to stand trial in November over the alleged insider trading. It was the largest insider trading investigation in Canadian history. The charges stem from a probe into Amaya’s purchase of PokerStars.
The sale of the seven million shares comes just days after Amaya announced that it was restructuring some of its debt to save about $15 million annually.
The press release stated that the move will also “remove the ability of a certain current shareholder to directly or indirectly acquire control of Amaya.”
Just three years ago, Forbes called Baazov the “king of online gambling.”
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