Jefferies CEO Rich Handler cashes in more than $65M in stock to buy yacht
Jefferies disclosed Rich Handler's stock transaction and said its CEO had offloaded shares "to facilitate the purchase of a personal boat and to pay tax obligations."
Rich Handler recently offloaded a boatload of Jefferies Financial Group stock.
The investment bank on Wednesday disclosed the transaction in both a press release and Securities and Exchange Commission filing, saying its CEO had done so "to facilitate the purchase of a personal boat and to pay tax obligations."
The sale involved 1.5 million shares and equated to $65.25 million, according to Jefferies.
Handler said in a statement that he "do[es] not intend to sell any further shares." Jefferies shares have posted more than a 41% increase in the past year.
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Handler’s stake in the investment bank became roughly 19.25 million shares "on a fully diluted basis" post-transaction, according to Jefferies.
"I remain extremely bullish on Jefferies and fully committed to helping us continue to build the best independent, global and full-service investment banking firm," the CEO said.
Handler explained the offloading of shares as a "gift to myself and my family."
The only reasons Handler has ever offloaded Jefferies stock in the past were taxes and philanthropy, according to the investment bank.
Handler is acquiring a 164-foot yacht built by Westport that belongs to billionaire and Fertitta Entertainment owner Tilman Fertitta, the Financial Times reported.
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Fertitta also owns a larger, 252-foot yacht that boasts a pool and helipad, according to Boat International. That newer vessel reportedly came from Feadship.
"Haha! Maybe the best advertising for @jefferies is that our customers sell us their ‘smaller boats’ after they can easily upgrade! @TilmanJFertitta!" Handler wrote in a Thursday tweet that included an image of the book "Where Are the Customers’ Yachts? Or A Good Hard Look at Wall Street" by Fred Schwed Jr.
More than 10,800 yachts currently exist, according to the Superyacht Times.
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FOX Business reached out to Jefferies for comment.