Jefferies CEO Wealthy Handler offered $65 million of his inventory within the firm to purchase himself a present — a luxurious yacht.
Handler offered 1.5 million shares, or 7% of his holdings, to buy a “private boat and to pay tax obligations,” the funding financial institution stated in a Wednesday assertion.
“My sale of shares right now was a present to myself and my household, and I don’t intend to promote any additional shares,” Handler stated within the assertion. “I stay extraordinarily bullish on Jefferies.”
The boat is a Westport 164 yacht and was bought from Jefferies shopper and Handler’s longtime good friend Tilman Fertitta, the Monetary Occasions reported.
Fertitta is the billionaire CEO of hospitality firm Landry’s and owns the Houston Rockets, an NBA staff. The 2 males collectively personal Lancadia Holdings, a blank-check firm.
Handler, who has been with the financial institution since 1990, has obtained about 70% of his pay within the type of firm shares, Jefferies stated within the assertion. He has beforehand offered shares just for tax functions and charity, the financial institution stated.
Jefferies didn’t instantly reply to Enterprise Insider’s request for remark.
Buyers usually view executives’ inventory gross sales as a sign about lack of firm confidence, so any gross sales are rigorously messaged.
In October, JPMorgan Chase CEO Jamie Dimon stated he would promote 1 million of his 8.6 million shares, his first sale since changing into CEO in 2006. The submitting asserting the deliberate sale stated Dimon selected to promote the shares “for monetary diversification and tax-planning functions” and that he “continues to imagine the corporate’s prospects are very robust.” He offered the first of the units of shares in February for $150 million.
