Mining Billionaire Ellison Sells Stock to Set Up Family Office

The controversial managing director of Mineral Resources Ltd., billionaire Chris Ellison, has sold shares in the company he founded as he prepares to set up his own family office.

Ellison sold 1.75 million shares in MinRes this week, his first sale of stock since 2017, at an average price of A$69.98 ($50.54), the company said in a regulatory filing. He remains the company’s biggest shareholder, holding more than 20 million shares representing a stake of more than 10% after the sale.