Former Tesco boss Sir Terry Leahy has lost £30 million on The Hut Group since it debuted on the stock market.
The freefall in THG’s stock price this week alone has left the City grandee nursing a £20.5 million paper loss.
Leahy was originally one of the major winners of THG’s £5.4 billion float last year.
He raked in about £17 million straight away as he sold 3.4 million shares, and held on to another 13.6 million worth £68 million at the time.
The shares closed 2.9 per cent down at 276p yesterday, after plunging 35 per cent on Tuesday following an investor meeting.
THG’s price targets were lowered at Goldman Sachs, Liberum and Numis.
THG boss Matthew Moulding and his co-founder, John Gallemore, are expected to reassure investors after the recent fall in shares.
THG is to spin off its beauty sales arm after a string of bolt-on acquisitions, leaving the rest of the company focused on its technology operation, Ingenuity, which serves as a platform for other retailers.
THG said that since listing in September 2020 it has consistently delivered results ahead of targets. It also has a “very strong liquidity position”.