Big-Ticket Divorce Just One Reason Brazil’s Rich Are Cashing Out
- Families, founders behind Azul, Magazine Luiza have sold stock
- As Ibovespa rallies to record, IPOs are also picking up
Guanabara bay in Rio de Janeiro.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Brazil is seeing an uptick in share sales by some of its best-known business moguls after the benchmark stock index surged to an all-time high.
Tycoons in Latin America’s largest economy have any number of reasons to want to cash out these days. Liquidity boosts and the record-setting rally pop to mind as the most obvious. At least one executive, serial airline entrepreneur David Neeleman, did so to pony up for a multi-million-dollar divorce settlement.