The sales come after Wexner revealed that he and his wife would be stepping down from the company’s board, according to Bloomberg.
The company’s stock is up about 600% since hitting a 5 year low in March 2020. Though Wexner had sold stock in the past to the tune of between $100 million and $200 million annually, his sales accelerated this year. His remaining stake makes up about 25% of his $9.7 billion net worth, the report noted.
Wexner is the latest in a long line of executives to ring the register on stock sales. Recall, in mid-May, we highlighted that billionaires were offloaded massive amounts of stock so far in 2021.
Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin are just two of the well known names that have been offloading stock. They are joined by names like Mark Zuckerberg and Larry Ellison.
We have covered Bezos’ recent stock sales in this article. He has sold $6.7 billion in Amazon shares this year. Bezos still owns more than 10% of Amazon and remains the world’s richest person, according to the Bloomberg Billionaire’s Index. His worth comes in at about $191.3 billion. Bezos has hastened his stock sales over the last couple of years: he sold about $4.1 billion in stock last February and sold more than $3 billion in stock last November.
But, in sum, public company insiders have sold shares worth $24.4 billion this year through the first week of May, the report noted. About half of these sales have come through trading plans. The number is almost at a par with the $30 billion insiders sold in the second half of 2020.
Additionally, Bloomberg notes that members of the Walton family “offloaded more than $1.2 billion of Walmart Inc. shares in recent weeks”.
Pedophile Jeffrey Epstein claimed in 2003 he had “bought and sold stock on behalf of Wexner”.
Wed, 06/09/2021 – 13:50
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Author: Tyler Durden