Apollo Global co-founder Leon Black has sold $173 million worth of stock in the company, nearly three years after stepping down as its chief executive, according to Bloomberg.
He sold 1.55 million shares earlier this month. This is the first time he has sold shares.
“Mr. Black is confident in Apollo’s management team, which he selected with the support of the board, and believes in the growth strategy they are executing,” Sloane & Co.’s Whit Clay, a spokesperson for Black, said in an emailed statement in a Fortune article. “His sale of shares was for tax and estate planning purposes and to further the growth of Elysium. He remains the largest shareholder and intends for that to continue.”
