Skip to main content
Updated:
Original:

Best Buy's founder will reduce stake in company

Author:

Best Buy's founder, chairman emeritus and largest shareholder plans to sell an undisclosed amount of his stock in the Richfield-based electronics retailer, according to documents filed with the Securities and Exchange Commission.

MPR reports that Richard Schulze, 72, holds about 70 million shares of Best Buy, about a fifth of the company's stock. The sale “is part of his personal long-term strategy for asset diversification and liquidity,” the SEC filing said.

The Star Tribune says it will be the first time Schulze has sold Best Buy stock in six years. Schulze will reduce his holdings between October and March, but will have no control over exactly when the stock is sold, a tactic designed to prevent company insiders from trading on nonpublic information.

Last year, Schulze led an effort to take the company private. He later backed off and returned to the company in March with the honorary title of chairman emeritus and the opportunity to appoint two people to Best Buy's board of directors. Schulze received $2.1 million over 12 months to create a business plan.

Best Buy's stock is up almost 200 percent year-to-date, rising from less than $12 per share in January to its closing price Monday of $35.81, according to the Pioneer Press.

The Star Tribune reports Schulze will to use the proceeds from the sale to strengthen his family foundation, which will focus on K-12 education and medical research.

Next Up

Chris Finch

Hawks bury Timberwolves in 3-point barrage

Without D'Angelo Russell, the Wolves couldn't keep up with the Hawks.

P.J. Fleck, Gophers football

Kirk Ciarocca returning to Gophers as offensive coordinator

The architect of the 2019 offense will look to revive the Gophers.

Klobuchar - MTP - NBC screengrab

Klobuchar says Congress should pass law to protect abortion rights

Her comments came as the Supreme Court appears poised to weaken — or gut — Roe v. Wade

MPD missing Heard - crop 1_

Police ask for public's help finding Mpls. woman missing a week

The 36-year-old hasn't been seen or heard from recently.

unsplash cold winter breath dark

Hello, winter: List of the coldest wind chills in MN Monday morning

The state went from a relatively mild start of the season, to downright frigid wind chills.

deer

1 CWD-positive deer in Brainerd Lakes area, so surveillance will continue

The CWD monitoring measures were supposed to end after this year.

unsplash - visitor patient doctor hospital emergency - crop

MN program will train, hire 1,000 nursing assistants for long-term care

The facilities are facing a severe staffing shortage.

Minnesota State Fair - main gate day 2021

Minnesota State Fair reestablishes a police department

The fair had been contracting with the Ramsey County Sheriff's Office.

teacher, covid, masks, school

Minnetonka to consider removing middle school mask requirement

The school board has been impressed by vaccination rates among middle school students.

snow, plow

Friday winter storm could hit Twin Cities, southern Minnesota

Meteorologist Sven Sundgaard is already monitoring the forecast.

Sauk Rapids Middle School street view, Minnesota - November 2018_

Teen student arrested for threats toward MN middle school

The Sauk Rapids middle school and high school were closed Monday.

_DSC0318

Rally for trans child outed during Hastings school board race draws big crowd

Hastings has been in the spotlight since the child's family was featured in a CNN story.

Related