San Francisco-based Life360 CEO Chris Hulls has sold a small percentage of his shares, approximately US$4 million ($6 million), to cover tax obligations from the June settlement of share-backed loans.
The taxes are due in January 2024.
Hulls plans a gradual diversification of his holdings over the next five years. He expects the majority of his net worth to remain in Life360 shares.
Hulls will transfer additional shares into family trusts in the coming weeks without incurring other tax liabilities or share sales.