Founders and company insiders in just five tech darlings sold more than $700 million worth of shares since the sector’s nadir in March.
WiseTech says global trade appears to be recovering from its COVID-19 malaise and signalled that the pandemic might be accelerating the use of its global logistics solutions.
Wisetech founder and CEO Richard White has sold more than $45m worth of shares over the last week amid questions about the logistics software provider's acquisition strategy.
The listed logistics software maker has slashed the potential payouts made out to some of its acquisitions,raising concerns about their performance.
Wisetech reaffirmed its FY20 revenue and earnings guidance on Wednesday but will put discretionary spending on hold along with its controversial acquisition strategy.
The ASX fell 2.5 per cent again on Tuesday after Virgin went into administration and volatility re-emerged on global markets.
The local benchmark closed at a fresh record high on Wednesday,after a bull run in health stocks CSL and Cochlear offset weakness among tech and financial stocks.
Short sellers feasted on a weak half year result for WiseTech which also downgraded its revenue and earnings forecasts for the 2020 financial year as the effective shutdown of China hits global trade.
The deal comes after WiseTech was recently attacked by short seller J Capital for buying smaller companies.
The ASX 200 has crashed through 6800 points as traders rushed into stocks after notes from the RBA's last meeting firmed the likelihood of further rate cuts.
WiseTech founder and chief executive Richard White hit back at the'self-serving,manipulative'short seller.