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Betfair co-founder Andrew Black has sold off about £1.5 million in company shares, less than a week after the betting exchange announced that it has appoint a new Chief Executive.
A report by the Guardian Newspaper states: "The sale is thought to have been triggered by Black subscribing to a share issue at Hyrodec Group, an Aim-listed cleantech company where he serves as a non-executive director and where he is investing a further £1.7 million into the company."
Black recently resigned from Betfair's board. He and Ed Wray founded the company in 2000. Since its IPO last year, Betfair has seen its share price drop. It began trading at £13 per share, and now sees itself trading at £7.44.
Black still holds the third largest stake in the company, worth around £77 million. His stake of 9.9% of the company puts him only behind Softbank and Wray, who also announced he will be leaving as Chairman once another is appointed.