Jefferies CEO Rich Handler cashes in more than $65M in stock to buy yacht
Sale involved 1.5M shares of Jefferies Financial Group stock
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.
Richard Handler, chairman and chief executive officer of Jefferies Group Inc., speaks at the Milken Scholars Alumni Symposium in New York, U.S., on Friday, Feb. 22, 2013. The Milken Scholars Program provides support for talented young leaders in coll (Peter Foley/Bloomberg via Getty Images / Getty Images)
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JEF | JEFFERIES FINANCIAL GROUP INC. | 76.77 | +1.86 | +2.48% |
"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.
Jefferies Financial Group
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.
Houston Rockets owner Tilman Fertitta attends the game between the Atlanta Hawks and Houston Rockets at Toyota Center on November 25, 2022, in Houston, Texas. (Photo by Marcus Ingram/Getty Images) (Marcus Ingram/Getty Images / Getty Images)
"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.