Not necessarily, the article didn't say what percentage of his stock he sold. It's pretty normal risk management to diversify your portfolio and he could have just needed the cash. Interest rates are pretty high right now, maybe he wanted to pay off something instead of using his line of credit.

Didn't the stock price go up _after_ the fact?

It's about being able to predict what happens in the future that matters, unless you're supposing that he would have bought immediately before the announcement and sold after.