Billionaire Harris Is Unloading Apollo Stock After Ouster
- Apollo co-founder has sold $490 million of stock this year
- Harris selling has been an ‘overhang’ on shares, analyst says
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Josh Harris, the billionaire co-founder of Apollo Global Management Inc., is rapidly shrinking ties to the company after losing a power struggle to run it.
Harris has offloaded almost 6.6 million shares in the New York-based private equity behemoth since announcing in May that he was relinquishing day-to-day responsibilities. This year, he’s liquidated about 18% of his holdings for at least $490 million, according to data compiled by Bloomberg, far more than in prior years and well in excess of sales by co-founders Marc Rowan and Leon Black.