The CEO of Jefferies Just Sold $65 Million in Shares to Buy a Yacht

Rich Handler is preparing to cruise the high seas.

The Jefferies CEO sold $65 million worth of shares in the investment bank to buy himself a yacht, Bloomberg reported on Wednesday. It’s the first time Handler has sold stock for something other than tax purposes and charitable donations, according to a statement from Jefferies cited by the outlet.

“My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares,” Handler said. “I remain extremely bullish on Jefferies and fully committed to helping us continue to build the best independent, global and full-service investment-banking firm.”

Handler offloaded 1.5 million shares at the price of $43.50 each, Bloomberg noted—about 7 percent of his aggregate holdings. Following that sale, he now owns some 19.25 million shares in Jefferies, which he has accumulated during his 34 years at the company. Along with the yacht, Handler will use the profits from the recent sale to pay tax obligations.

As for his new vessel, Handler is reportedly buying the boat from his friend and Jefferies client Tilman Fertitta, a person familiar with the transaction who asked to remain anonymous told Bloomberg. Fertitta, who’s worth $11.8 billion, is best known for operating the Golden Nugget casinos and owning the Houston Rockets. His relationship with Handler stretches back years, and he even spoke with Bloomberg about the Jefferies CEO back in 2021. (Notably, Fertitta mentioned that he had recently hosted Handler on his yacht—perhaps the same one Handler is now taking possession of.)

“When we’re sitting around at night and talking and I think Rich is getting too big for his britches just because he’s worth a billion dollars now, I pull out my financial statements and put him back in his place,” Fertitta said at the time.

The two businessmen have also collaborated on their own companies: Eight years ago, their Landcadia Holdings went public, Bloomberg noted. And their Landcadia Holdings III merged with a hardware supplier to become Hillman Solutions. Now, with the yacht transfer, they seem to be working together on a deal of a more personal nature.

Fertitta has previously taken Handler out for a spin on the water, and now it seems like Handler will be able to return the favor—maybe even on the same vessel.