Under Armour CEO Kevin Plank Selling Off $72 Million in Stock

Kevin Plank

Under Armour CEO Kevin Plank announced this week that he plans to sell off a chuck of his shares in the company, valued at more than $72 million, reports Bloomberg.

If he does, indeed, sell, he will still own almost 32 million Class C shares.

Plank started Under Armour in 1996, and the unexpected news caused shares of the brand to drop 2.7 percent on Friday (Sept. 2).

The CEO has a net worth of $3.2 billion, according to Bloomberg, much of which is tied up in his stake in Under Armour.