Sony CEO Hiroki Totoki has sold more than half of his stock in the company. A recent United States Securities and Exchange Commission (SEC) filing shows that the 61-year-old sold millions of dollars worth of stock just two days after the announcement that PlayStation was going to cease production of physical discs in January 2028.
It also came during a time when the stock saw a slight bump in price after the news broke.
Totoki Made Millions
According to the SEC filing, Totoki sold 225,000 shares of Sony stock on July 3. At $21.02 per share, Totoki pulled in roughly $4.7 million on the transaction. The 225,000 shares represented 56% of his total stake in the company.
Following the transaction, Totoki was left with 173,250 shares. But he also wasn’t the only executive to make a transaction after the announcement.
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Also filed on July 3, Sony chief strategy officer Toshimoto Mitomo sold 25,000 shares of stock, representing around 18% of his total shares. He sold his shares at $21.02 as well, totalling $525,500.
Since the sale of the stock, Sony’s share price hasn’t changed much. In fact, as of publication, Sony shares are trading slightly higher at $21.20 on the New York Stock Exchange. In the eight days since the announcement, Sony stock is up 6%.
The announcement that Sony was ending the production of physical PlayStation games sent shockwaves through the industry. While many have come to expect it to happen eventually, the announcement still felt sudden, despite an 18-month buffer between now and when the change goes into effect.
Since the announcement on July 1, a Change.org petition titled “Don’t Kill the Disc” has amassed over 216,000 signatures. Sony, however, has yet to address any frustrations and concerns from fans regarding the decision. Instead, they’ve chosen to just seemingly move on.
What do you think of Sony’s CEO and CSO selling large amounts of stock just after the PlayStation announcement? Leave your thoughts in the comments below, or join the discussion in the official Insider Gaming Discord.
In other news, read Asha Sharma’s full memo to Xbox employees regarding the mass layoffs that will see 3,200 people lose their jobs this year. And for even more Insider Gaming delivered directly to your inbox, sign up for our newsletter.
Mike has been covering the gaming industry since 2012, and has reported on some of the largest events in the industry while also working as an investigative reporter. Outside of…
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