When your name is Rich and you have billions in the bank, a big boat becomes a must-have. Following this trend is Jefferies Financial Group Inc. Chief Executive Officer, Richard Handler, who, in order to fuel his dream of a dreamboat, sold $65 million worth of shares in his investment bank. By parting with a cool 1.5 million shares of Jefferies stock, the 62-year-old, the longest-serving CEO on Wall Street,sr went ship shopping!
“My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares,” Handler said in the statement, per Bloomberg. “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.”
Despite the transaction, he still owns 19.25 million Jefferies shares, which are worth around $850 million based on the closing price of $44.6 per share on Wednesday. Apparently, this is the first time the man, who joined Jefferies in April 1990 as a salesman and trader, has made a stock sale. He only did so on rare occasions, like for tax purposes and charitable donations. But after over three decades of dedication and devotion, this is a well-deserved treat.
Handler is buying a boat from a longtime friend and yacht enthusiast, billionaire casino magnate Tilman Fertitta. The owner of the Houston Rockets basketball team and the Golden Nugget casino empire is a yacht enthusiast with a $9.3 billion net worth, four kids, and has owned at least 4 boats.
One of them was a 164-foot Westport Boardwalk, a splendid successor to a Westport 112 and a 130 by the same name. His current luxury vessel is also called Boardwalk Yacht, a 252-foot Feadship yacht worth $150 million.
Perhaps Rich and his close friend Tilman will now spend time together on the respective vessels on St Barts or the Mediterranean.
