Ford Motor Co F Chairman William Clay Ford Jr, popularly known as Bill Ford, exercised stock options to buy nearly 2 million shares of the company, according to a regulatory filing.
What Happened: Bill Ford, who is the great grandson of founder Henry Ford, acquired 1,923,238 shares for about $20.5 million, and used the cash to pay exercise costs on the options, instead of selling the resulting shares.
Following the transaction, the executive has about 20 million shares, which include restricted stock and about 15 million of the founding family’s special class of super-voting stock.
Based on Ford’s latest price, the holdings would be worth $400 million.
See Also: Ford Says Nearing 200,000 F-150 Lightning Reservations, Order Bank Opening Soon
Why It Matters: The Dearborn, Michigan-based Ford’s stock hit a 20-year high in November. The legacy automaker has been scaling up plans to switch its vehicle portfolio to electric vehicles.
The automaker is close to launch its second electric vehicle, the F-150 Lightning truck, in Spring, which it says has secured nearly 200,000 bookings and the order bank is expected to open soon.
Price Action: Ford shares closed 0.78% lower at $19.81 a share on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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