Three of Snap Inc.’s top executives sold their first batch of company shares, picking up an estimated $9.3 million, according to federal disclosures.
Employees at the Snapchat maker became free Monday to sell shares awarded through options or other compensation plans.
Restrictions in place after the Los Angeles company’s initial public offering in March barred employees from earlier trading. And Snap co-founders Evan Spiegel, chief executive, and Bobby Murphy, chief technology officer, were the only executives who sold during the IPO, getting $17 a share for 16 million shares each.
The executives who sold off shares Monday got only $11.29 to $13.14 for their collective...