For-Profit, Investors, Required, University & College - Written by Elbert Chu on Friday, July 15, 2011 13:05 - 0 Comments
University of Phoenix Founder John Sperling Dumps $116M in Stock
John Sperling, the education tycoon who built the University of Phoenix, has been busy selling shares of his company since April, reports the Huffington Post. In April, Sperling sold $57M worth of shares, then after the gainful employment slap on the wrist regulation released pressure on for-profit education stocks, another $59M. HuffPo reports,
Despite the recent jump, two years earlier, in July 2009, before the government scrutiny began, shares were trading 30 percent higher than they are now.
The bulk of Sperling’s stock transactions were for a trust set up under his name. He is the beneficiary and trustee of the account, according to the SEC. Since January, Sperling has sold nearly a quarter of all shares from the trust. He still has a significant amount of stock in the Apollo Group — including 51 percent of the stock that carries voting power for the company, giving him virtually unchecked control over the membership of the board of directors.
Sperling’s son, Peter Sperling, controls the remainder of the voting stock. Peter Sperling also has sold more than $11.9 million in stock since the beginning of June, according to SEC filings.
So the $116M questions is, where is the 90 year old Sperling putting his money?
Considered an eccentric billionaire, Sperling has used his fortune over the years to fund projects ranging from pet cloning to the decriminalization of marijuana.
Full Huffington Post article.
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