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Valeant shares drop 3% after new short bet, ex-CEO stock sale

Former Valeant CEO J. Michael Pearson unloaded more of his personal holdings than was originally thought, CNBC has learned.

According to documents not made public yet but obtained by CNBC, Pearson sold nearly 5 million shares and options for a total of $96.8 million. The news comes the same day that the Sequoia Fund revealed it is completely out of the stock. Sequoia was at one time the largest Valeant shareholder.

Wednesday also saw short seller Andrew Left say the company's stock could be headed to zero. That news took more than 7 percent out of its shares.

"I think it's obvious it's a zero now," Left told The Street. Left's firm, Citron Research, did not immediately respond to CNBC's request for comment.

Pearson sold about 288,000 shares on June 30 for proceeds of $5.7 million, according to the documents. A day later, he sold more than 4 million shares with proceeds of nearly $83 million, and then on July 5, he...