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I don't think they should be able to trade stocks at all and I'm sure the guy is an asshole and is on the wrong side of the trans issue. Given that, would it not be reasonable to expect the stock to dip during that period and cut your losses? This seems like shaky ground to go after him on. Especially if he didn't sell all of it.
Ethics guidelines aren't supposed to just prevent conflicts of interest, they are supposed to prevent the appearance of a conflict. What you suggest is perfectly reasonable for someone who is not in a position where their day job can move the stock market. I'm surprised he didn't put his holdings in a blind trust. It seems the prudent thing to do.
I already said I don't think they should be allowed to trade stocks at all. My point is what he did doesn't necessarily point to him participating in the boycott beyond acknowledging that "oh a bunch of people are pissed at better dump that before it bottoms out and maybe purchase some of their competitors". Especially considering he kept some of his stock in the company. Anyone could have done that regardless of their opinion on the trans issue. It could have been about the money not taking a side in identity politics.
Found your problem right here.