David Baazov continues to divest himself of his stake in Amaya Inc. and has reportedly sold another 12 million shares of the Canadian gaming company for about 0 million.
Last month, Baazov sold about seven million shares of the company, netting about 133 million in Canadian dollars.
Baazov made the recent sale for C$22.31 per share. The sale represented about two thirds of his former stake in the company and he now controls only about 3.8 percent of Amaya stock.
It’s a complete reversal from last year, when Baazov sought to put together a group on investors and bid $4.1 Billion for the company. The bid received resistance from other Amaya stake holders and Baazov eventually withdrew the bid.
Baazov was CEO of Amaya until March 2016, but stepped down as he faces insider trading charges in Canada stemming from Amaya’s $4.9 billion purchase of PokerStars.
Baazov said in a press release that he made the move for investment purposes, but many analysts have also noted he will face high legal bills stemming from the insider trading case in Canada.
