Activision’s Kotick, Co-Chair Sell $60 Million In Shares

Activision Blizzard CEO Bobby Kotick and company co-chair Brian Kelly together sold nearly $60 million in company shares last week, SEC filings have revealed. Kotick sold 1.5 million shares at $11.55 each on May 19, totaling $17.33 million, according to MSN’s insider trading tracker. Activision co-chair Brian Kelly, who has been with the company since 1998, sold 3.63 million shares on May 20 at $11.59 each for a total of $42.10 million. Together, the two sold $59.43 million worth of shares last week. The two sold their shares just prior to GameStop’s earnings report on May 21, when the top U.S. specialty video game retailer said that it missed expectations for comparable store sales and forecast further decline for the current quarter. GameStop’s financials caused its stock to drop 13 percent that day, and dropped Activision shares 2.2 percent to $11.16. However, the stock has already rebounded somewhat from the slight dip, and is currently trading at $11.45. Kelly sold large chunks of shares earlier this year as well, collecting $20.68 million on March 10 and an additional $28.89 million on May 15. [UPDATE: Comment added on stock rebound.]