Metaplanet shares fell 9.9% to 244 yen on Monday, extending a two-day decline of about 17%. CEO Simon Gerovich responded to a controversy over the company's executive compensation plan and its relationship with shareholder MMXX Ventures, stating he is a significant but non-controlling shareholder in MMXX's parent company and does not participate in its trading decisions. However, the market remains skeptical.
Metaplanet Shares Extend Losses
Metaplanet shares finished Monday down 9.9% at 244 yen. That pushed the stock’s two-day drop to about 17%. The selling came after CEO Simon Gerovich responded to a dispute over the company’s executive compensation plan and its connections to shareholder MMXX Ventures.
CEO Addresses Governance Concerns
Gerovich said he is a major, but non-controlling, shareholder in MMXX’s parent company, and that he has no involvement in its trading decisions. But his explanation has not settled the market. Doubts are still hanging around over the company’s governance and possible conflicts of interest.
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