Shares of Life360 Inc. (LIF) plunged 5.20% on Monday during intraday trading as the company's CEO Chris Hulls offloaded a significant stake in the firm.
The sell-off came after Hulls sold 863,903 shares of Life360 stock, driving the sharp decline in the share price. This move by the chief executive aligns with his plan to diversify his personal investment portfolio.
Life360, a family location sharing app based in Australia, has faced pressure in recent months amid growing concerns over data privacy and increased competition in the location tracking space. The CEO's share sale has further added to investor worries about the company's prospects.
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