Richard White sells more than $440 million worth of WiseTech shares

Billionaire Richard White topped up his bank account in the December quarter, selling more than $440 million worth of shares in WiseTech, the logistics software company he founded 30 years ago.

The sale represents less than 1.5% of his holding in WiseTech (ASX: WTC).

White sold 3,564,742 shares across 31 days of on-market trading between October 2 and December 20, at prices ranging from $117.79 to $134.88. The sell-down reduces his stake in the ASX-listed $42 billion company from 37.7% to 36.3%.

The trading occurred during a hectic period in his personal and professional life that saw his resign as WiseTech CEO and step down from the Tech Council of Australia board, amid allegations of inappropriate behaviour towards women amid a legal battle with a former lover.

The share sales began before the scandal broke, but White was also busy during that period investing, as well as buying out WiseTech director Maree Isaacs’ 8.17% stake in RealWise Holdings, which owns more than a third of the WiseTech. Isaacs cofounded WisTech in 1994 with White.

The billionaire paused the sell off for around five weeks between October 17 and November 25 when the media storm around his personal life saws WiseTech shares plunge more than 20% to below $100 before recovering just as quickly.

In the meantime, he also built his stake in ASX-listed Vinyl via Songtradr in late October. White now owns around 37.37% of Vinyl through RealWise. He invested $11 million in publishing and music buinssess in 2023 when it acquired Brag Media.

White was not the only director selling down, with Charles Gibbon also offloading more than 1.53 million shares at $130.50 in early December. The sale of 8.8% of his total holding took Gibbon below the substantial shareholder threshold and grossed around $196 million. He’s been an investor in the company for 20 years and last sold shares in May 2019.

Gibbon said that this transaction allows him to undertake necessary personal estate planning measures.

WiseTech shares are up around 80% on 12 months ago.