According to Bloomberg, people familiar with the matter said that former Tether Chief Investment Officer Richard Heathcote is planning to sell some of his Tether shares and has hired PJT Partners to sell part of his 1.26% stake. The transaction is still being negotiated with potential buyers, and the valuation has not been disclosed. Richard Heathcote stepped down as Tether's CIO in March and transitioned to an advisory role; the share sale has been approved by Tether. Tether earlier this year suspended a funding plan valued at up to $500 billion to await its first full financial audit.