Ford Motor Co. Chair Invoice Ford acquired nearly 2 million shares of his firm for about $20.5 million by way of the train of inventory choices.
The nice-grandson of founder Henry Ford selected to make use of money to pay train prices on the choices quite than promote a few of the ensuing shares, based on a regulatory submitting.
The transaction leaves Ford, 64, with about 20 million shares, together with restricted inventory. That complete additionally consists of about 15 million of the founding household’s particular class of super-voting inventory. His holdings can be value about $400 million based mostly on Ford‘s newest worth.
The automaker’s shares hit a 20-year excessive final month, with buyers rewarding the corporate for a more-aggressive push into electrical automobiles beneath CEO Jim Farley. Since Farley turned CEO 14 months in the past, Ford shares have risen almost 200 %, closing Wednesday at $19.81.
“The choice to train these choices to buy nearly 2 million shares of frequent inventory displays Invoice’s confidence in the way forward for the corporate and our plan to create super worth for all of our stakeholders,” Ford Motor stated in an emailed assertion.