Fideuram Intesa Sanpaolo sold 8,153 shares of Expedia in Q1, cutting its position by 75.8%. The interesting part isn't the sale — it's what Expedia's own capital allocation tells you about where OTA economics are heading next.
Expedia directors pocketed stock units worth $0 on paper as routine compensation while executives quietly sold $1.3 million in shares over the last 90 days. The divergence between who's accumulating and who's cashing out tells you more than the Q1 earnings headline ever will.
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