(Bloomberg) — Ford Motor Co. Chair Bill Ford acquired nearly 2 million shares of his firm for about $20.5 million by the train of inventory choices.
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The great-grandson of founder Henry Ford selected to make use of money to pay train prices on the choices quite than promote among the ensuing shares, in line with a regulatory submitting.
The transaction leaves Ford, 64, with about 20 million shares, together with restricted inventory. That complete additionally contains about 15 million of the founding household’s particular class of super-voting inventory. His holdings could be value about $400 million primarily based on Ford’s newest worth.
The automaker’s shares hit a 20-year excessive final month, with traders rewarding the corporate for a extra aggressive push into electrical automobiles below Chief Executive Officer Jim Farley. Since Farley turned CEO 14 months in the past, Ford shares have risen practically 200%, closing Wednesday at $19.81.
“The decision to exercise these options to purchase almost 2 million shares of common stock reflects Bill’s confidence in the future of the company and our plan to create tremendous value for all of our stakeholders,” Ford Motor stated in an emailed assertion.
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