CFO and Other Executives Dump Thousands of RealReal Shares
Key Points
RealReal executives all sold shares on the same day.
The sales were generated automatically to satisfy withholding taxes.
Executives still held meaningful positions in the company post-sale.
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Ajay Gopal, chief financial officer of The RealReal (NASDAQ:REAL), reported open-market sales of 30,196 shares on Nov.21, 2025. That same day, CEO Rati Sahi Levesque sold 97,036 shares, as disclosed in the SEC Form 4 filing.
CFO Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 30,196 |
| Transaction value | ~$394,400 |
| Post-transaction shares | 1,184,612 |
| Post-transaction value (direct ownership) | ~$16.0 million |
Transaction value based on SEC Form 4 weighted average purchase price ($13.06); post-transaction value based on Nov. 21, 2025 market close price.
Key questions
- How significant was this sale relative to Ajay Gopal's direct holdings?
The 30,196 shares sold represented 2.5% of Gopal's direct holding immediately before the transaction, reducing the direct stake to 1,184,612 shares. - How does this transaction compare to his historical selling activity?
Over the past two years, Gopal's median sell-only transaction size was approximately 51,425 shares, with this latest sale notably below that median, indicating a smaller reduction relative to previous dispositions. - What was the market context at the time of the transaction?
Shares were priced at around $13.06 per share for these trades, while the closing price on Nov. 21, 2025, was $13.52. The stock had appreciated 202% over the prior twelve months as of the transaction date. - What is the current market value of Gopal's remaining direct ownership?
As of Nov. 21, 2025, Gopal's post-transaction direct holdings were valued at approximately $16.0 million, based on the market close of $13.52 per share.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $662.79 million |
| Net income (TTM) | ($71.47 million) |
| Employees | 3,011 |
| 1-year price change | 201.80% |
* 1-year price change calculated using November 21, 2025 as the reference date.
Company snapshot
The RealReal offers a curated online marketplace for consigned luxury goods, including apparel, jewelry, watches, and home decor.
The company operates a commission-based model, earning revenue from the sale of authenticated pre-owned luxury items on behalf of consignors.
It serves fashion-conscious consumers and sellers seeking authenticated, high-end goods, primarily in the United States. Its online marketplace specializes in authenticated luxury consignment, connecting buyers and sellers of luxury goods. Its platform emphasizes trust and transparency in the secondary luxury market.
Foolish take
Executives sell company shares for many reasons, including personal portfolio management. Sales from a company CFO can be scrutinized more closely by investors, as that executive has perhaps the best inside view of the underlying business and its financials.
This CFO sale has more context, however. While RealReal CFO Ajay Gopal sold about 2.5% of his direct holdings, CEO Rati Sahi Levesque unloaded about 5.7% of her shares on the same day.
Additional sales on Nov. 21 by the executive team were made by the chief product and technology officer, the chief accounting officer, and the chief legal officer. The sales weren't what they might first seem, though.
The shares sold by the RealReal executives were made to satisfy withholding taxes payable in connection with the vesting of equity awards, according to the company.
Real Real shares have tripled over the past year, reaching a three-year high. Vested equity awards for the executives required these sales to satisfy withholding tax requirements. Additionally, the CFO and CEO still hold meaningful amounts of stock.
Investors shouldn't overreact to these filings. It may be a good idea, though, for existing shareholders to double down on researching the business as the stock has soared over the past year. That can help determine if the business is in a position to drive more stock gains.
Glossary
Open-market sale: The sale of securities on a public exchange, available to any investor.
SEC Form 4: A required filing disclosing insider transactions in a company's securities.
Weighted average purchase price: The average price paid per share, weighted by the number of shares in each transaction.
Direct ownership: Shares held personally by an individual, not through trusts or other entities.
Median sell-only transaction: The middle value of all insider sales (excluding buys) over a period, used to show typical activity.
Consigned luxury goods: High-end items sold on behalf of owners, with payment after the item is sold.
Authenticated: Verified as genuine, often used for luxury items to prevent counterfeiting.
TTM: The 12-month period ending with the most recent quarterly report.
*Note: This article was edited to reflect the automatic stock sales were due to tax withholding requirements.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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