Only a financial moron keeps 60 million in a single company - irrespective of its future... unless they are billionaires and then they have to just make sure they don't own more than 5% of the float to keep the SEC from broadcasting their wealth.
And only a bagholder would try to justify the sale of $60M worth of shares, or 97% of his holdings due to "good financial and risk management". Come on. Sure, he could have sold SOME shares and your excuse would be valid. He sold 97% OF HIS HOLDINGS. Probably kept the other 25K shares for fun.
Yes, I saw his Form 4. 750K shares indeed. Why would the CFO of all people sell at $80+ if he thought this thing had upside. After all, he would be best positioned to understand the financial outlook for this company. So he sold as soon as he could. Wow!!!!
This tells me he understands there is risk to the downside. OOOOPs!!! did everyone else see this coming???