A few weeks before Ryan Breslow stepped down as CEO of commerce software startup Bolt in January, he made a deal with investors. As part of a funding round in which BlackRock and other investors bought new stock in Bolt that valued the privately held company at $11 billion, Breslow also sold $10 million worth of his own shares to existing investors who wanted to increase their stake, Breslow confirmed.

The stock sale by Breslow, who co-founded the company in 2014, wasn’t widely known among employees, two Bolt employees told The Information. And Bolt’s board of directors, which included Breslow, had previously rejected requests by some employees to sell stock to interested parties, according to a person familiar with the situation.