Billionaire Hargreaves Sells $420 Million Stake in Firm

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Peter Hargreaves has sold about 300 million pounds ($420 million) worth of his shares in Hargreaves Lansdown Plc.

Hargreaves sold 19.5 million shares to institutional investors at 15.35 pounds each, according to a statement Wednesday. That’s a 7% discount to Tuesday’s closing price of Hargreaves Lansdown shares, which have risen 8.4% this year, buoyed by stuck-at-home investors joining the investment platform.

Billionaire Hargreaves Sells $420 Million Stake in Firm

Hargreaves is one of the richest people in Britain with a $4.1 billion fortune, according to the Bloomberg Billionaires Index. After the sale he still owns about a fifth of the investment firm, a holding worth around $2 billion.

Both Hargreaves and co-founder Stephen Lansdown have pared their stakes in the financial firm in recent years. Hargreaves sold 550 million pounds of shares last February, weeks before markets tumbled on anxiety over the economic repercussions of the coronavirus pandemic.

Hargreaves didn’t immediately respond to requests for comment.

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