RE:Chris Mittleman selling shares Insiders sell for a host of reasons. If it isn't widespread and consistent amongst most management, when many others with the same nonpublic information are buying, then it's not something that usually alarms me. What is concerning:
The CEO and board sinking so much of their liquidity into private and early stage investments. With the present condition of the markets, they could likely in a short amount of time double or triple the portion of the upcoming proceeds not earmarked for buybacks via open market securities. It's fine if they feel compelled to issue a dividend, but their infatuation with behaving like venture capitalists may prove to be their downfall if they are not smart in this upcoming moment.
They now own a renowned professional money management firm with a documented track record of extreme market outperformance during bear-market recovery years. Upon receipt of these proceeds, management needs to buy every share they can of their own stock upto $7 (their minimum and likely very, very low estimate of fair value prior to this exceptional liquidity event), and let that team invest the rest. Following any other path would evidence an obvious lack of faith in their own assets, and depart from basic logic to such an extent as to call the boards judgment into question.