Microsoft CEO Satya Nadella sells half of its shares in the company at several stages in November.

Nadella lowered around 840,000 shares at a price of more than $ 285 million, according to submissions with the US Securities and Exchange Commission. Microsoft in a statement said that he sold its shares for financial planning reasons and personal diversification, according to geek wire reports.

“He is committed to the success of the company and its ownership significantly exceeds the detention requirements set by the Microsoft Board of Directors,” the company said.

The Wall Street Journal quotes analysts to say that this step can be attributed to the implementation of the Gain Capital Tax Law that will come by the state of Washington.

The controversial law, which came into force on January 1, 2022, affected the sales of business ownership and withdrew 7 percent tax on stock sales of more than $ 250,000.

Washington’s new capital increase tax is expected to collect around $ 550 million per year.

However, Microsoft stocks did not react much to Nadella peg sales. The company’s shares closed 1.7 percent on November 30 at $ 330.59.

Nadella was named CEO from the Technology giant in 2015 and had led the growth period in Microsoft since then. Microsoft shares traded around $ 36.35 when he took control in February 2014.

Microsoft’s quarterly income, announced in October, blowing through market expectations, driven by demand for cloud computing and Windows powered machines.

The US Tech Titan said it produced a profit of $ 20.5 billion in the new quarter ended at revenue which rose to $ 45.3 billion in a 22 percent increase from the same quarter last year.