The Ultra Wealthy Are Selling Billions Of Dollars In Stock


As the market has “rebounded” off its lows back in March, the world’s super wealthy are jumping at the chance to offload billions of dollars in stock while global central banks – and most notably the Federal Reserve – keeps a bid under the market and acts as a Mr. Magoo-like counterparty.

Many investors have been prompted to sell by market volatility over the last two weeks, which appears as though it could be signaling an end to the V-shaped recovery. This has likely helped spook the ultra wealthy into take some cash off the table.

Seo Sang-young, an analyst at Kiwoom Securities Co. in Seoul noted: “Stock-market valuations have climbed considerably regardless of fundamentals. Volatility has been increasing.”

Knorr-Bremse AG’s Heinz Hermann Thiele took the bump up in the market as an opportunity to sell about $1.2 billion in stock, while Adyen NV co-founders Pieter van der Does and Arnout Schuijff joined a group of executives that sold $821 million of stock in the payment company, according to Bloomberg. Fortive Corp.’s Mitchell and Steven Rales also sold about $1 billion.  – READ MORE

Listen to the insightful Thomas Paine Podcast Below --

No Comments Yet

Leave a Reply

2020 © True Pundit. All rights reserved.