Jefferies CEO sells $65 million in stock to purchase a customer’s yacht

Jefferies chief executive Rich Handler made headlines this week as he sold $65 million of his stock in the Wall Street investment bank to purchase a luxury yacht from longtime client Tilman Fertitta. This move marks the first time Handler has sold shares in Jefferies for personal reasons, aside from charitable or tax purposes.

Handler sold 1.5 million shares, approximately 7% of his total holdings, at $43.50 each. The funds from the sale will go towards buying a Westport 164ft yacht from Fertitta, the hospitality billionaire. Handler expressed that the sale was a gift to himself and his family, emphasizing his continued bullish outlook on Jefferies and commitment to the firm’s success.

The sale sheds light on Handler’s substantial wealth accumulation in recent years, with his remaining shares in Jefferies valued at over $800 million. Bloomberg estimated his net worth to be more than $1 billion in 2021. Handler, who started his career at Jefferies 34 years ago as a trader, has been instrumental in the firm’s growth and success in the competitive investment banking landscape.

Fertitta, with a net worth of approximately $9 billion, is known for his ownership of the Houston Rockets, the Golden Nugget casino business, and Landry’s restaurant chain. The two have collaborated on multiple deals, including the formation of special purpose acquisition companies under the name Landcadia Holdings.

Overall, Handler’s sale of stock to acquire a luxury yacht showcases the intersection of wealth, business relationships, and personal indulgence in the high-stakes world of finance.