SCANA employees sold more than 4 million shares of company stock last year
SCANA workers past and present unloaded more than 4 million shares of their employer's stock last year, unloading about two-fifths of their stake in the company as its value plunged.
A filing with federal regulators Friday shows that SCANA employees dumped shares as their company's costly nuclear project went belly-up and investors retreated. The company's stock has shed half its value since late 2016.
At their peak a few years ago, SCANA workers and retirees had collectively owned a tenth of their employer, the Cayce-based owner of South Carolina Electric & Gas. By the end of 2017, they owned just under 5 percent.
Employees' collective stake has dwindled ever since SCANA ended a policy of matching 401(k) contributions with company stock. But the deep selloff in 2017 points to a changing relationship between SCANA workers and their employer.
Read more: https://www.postandcourier.com/business/scana-employees-sold-more-than-million-shares-of-company-stock/article_fa2fee34-0ded-11e8-95fe-579e86c901af.html
