The pandemic has made everyone a bored-at-home day trader. Things can get a bit trickier, however, if you are the chairman of the company you are trading.
Li Dongsheng, chairman and founder of Shenzhen-listed display-panel maker TCL Technology Group, found that out the hard way. He had to apologize to TCL’s shareholders on Tuesday after mistakenly selling and buying the shares of the Chinese company, of which he is also the largest shareholder, with an 8.6% stake.
According to an exchange filing, he sold five million shares–worth around $5.3 million–on Tuesday afternoon and then bought them back less than two hours later, making a profit of $21,000. Mr. Li blamed the transactions on a trader who entered an incorrect stock ticker, saying he would manage his accounts himself from now on. He will also donate $44,000, more than what he made in the trade, to TCL.