Richard Heathcote, who until March was Tether’s chief investment officer, plans to sell part of his 1.26% stake in the stablecoin giant, according to a Bloomberg report.
Heathcote is working with PJT Partners to sell its stake in the San Salvador, El Salvador-based company, Bloomberg said, citing sources close to the matter. Sources said talks with potential buyers were ongoing. They declined to comment on the company’s potential valuation.
Heathcote took on a non-executive advisory role at the issuer of USDT, the largest stablecoin by market capitalization, in March and was replaced by his deputy Zachary Lyons.
In February, Tether abandoned plans to raise up to $20 billion after facing investor resistance to a proposed $500 billion valuation that would place the stablecoin issuer among the world’s most valuable private companies. Tether’s advisors then followed up with plans to raise $5 billion. Tether reported an annual profit of more than $10 billion by 2025.
Tether did not respond to a request for comment from CoinDesk. PJT Partners declined to comment. Heathcote could not be located.
