DroneShield (ASX:DRO) CEO Oleg Vornik has addressed investor concerns regarding his recent $50 million stock sale, characterising the move as a necessary step to manage a massive tax obligation and ensure personal financial stability.
Speaking during a shareholder call on Jan. 28, Vornik clarified that the primary trigger for the sell-off was a $25 million tax bill incurred after exercising performance options.
Beyond the tax requirements, Vornik admitted that the remaining proceeds were used to pay off a mortgage and cover "out of control" renovation costs, ultimately allowing him to secure a financial future that stands in stark contrast to his upbringing in social housing.
The disclosure of these sales late last year initially rattled the market, causing DroneShield’s share price to plunge 30% in a single day.