| | | Fallen Billionaire Down 98% Boosts Stock Sales at Risky Moment
Story by Benjamin Stupples • 11h ago
Bloomberg
(Bloomberg) -- Denis Sverdlov is looking to boost stock sales at a precarious time.
A prototype electric bus at the Arrival Ltd. facility in Banbury, UK, on Tuesday, Aug. 23, 2022. Arrival opened the doors of its research-and-development facility this week in Banbury, northwest of London, to make clear that while its other big customer — major UK operator First Bus — will have to wait for its wares, all enthusiasm is not lost.© Bloomberg
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An investment firm for Arrival SA’s founder doubled its sale plans this month, with a notification to offload as many as 40 million shares — about 10% of his stake — in the maker of electric buses and trucks. That happened just days after the company warned it may run out of cash.
Sverdlov was worth $11 billion when he took Arrival public by merging it with a blank-check firm last year, but his fortune has since unraveled rapidly. The 44-year-old, who was still a billionaire at the start of April, now has a net worth of about $195 million, according to the Bloomberg Billionaires Index.
A representative for Luxembourg-based Arrival and Sverdlov’s investment firm, Kinetik, didn’t respond to requests for comment.
Kinetik said in July it intended to sell through a prearranged trading plan as many as 20 million shares of Arrival, whose stock has slumped 95% this year amid production delays and mounting losses. That plan was canceled this month, filings show.
Fallen Billionaire Down 98% Boosts Stock Sales at Risky Moment (msn.com) |
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