Costolo's family trust sells Twitter stock: Report

Twitter CEO Dick Costolo (R) and wife Lorin Costolo arrive on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California, November 9, 2014.
Stephen Lam | Reuters
Twitter CEO Dick Costolo (R) and wife Lorin Costolo arrive on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California, November 9, 2014.

Twitter CEO Dick Costolo's two family trusts sold off the rest of their Twitter stock on Monday. The Richard Costolo 2001 Living Trust and the Lorin Costolo 2001 Living Trust sold $5.32 million worth of shares, which concludes the sale of their remaining Twitter holdings, according to Bloomberg News.

In the past two months, the trusts sold more than 500,000 shares of the social platform, earning more than $22.6 million. The trusts' massive sell-off comes at a time when Twitter shares have tumbled 45 percent this year, closing at $35.13 on Tuesday. (Still, some analysts are bullish on the stock.)

Costolo has faced criticism from certain quarters after several key executives left and a downturn in user growth caused the stock price to drop.

The CEO personally still owns 36,028 shares of the company he heads and holds 509,828 restricted stock that is not vested. "Dick has sold shares under a plan filed in the summer and his total sales represent less than 10 percent of his total equity in Twitter," a spokesman for the company told Bloomberg.

Read More With 300M users, Instagram is now bigger than Twitter

Read the coverage on Bloomberg News.