Josh Harris — the billionaire who owns the Philadelphia 76ers — is chopping his stake in Apollo Global Management following his co-founder Leon Black’s noisy exit because the private-equity large’s chairman and chief govt.
Since May — when Harris introduced he’d be leaving his “day to day role” at Apollo in early 2022 following Black’s shock resignation amid controversy over his ties to lifeless pedophile Jeffrey Epstein — Harris has offered 6.6 million Apollo shares, according to a Bloomberg report.
That quantities to 18 % of Harris’ holdings, price an estimated $490 million. The stock gross sales are a lot bigger than any by Marc Rowan, who succeeded Black as Apollo’s CEO, or Black himself, who has by no means offered a single share of Apollo, in keeping with filings.
In an announcement to The Post, a spokesperson for Harris mentioned, “Josh remains a strong and supportive long-term shareholder of the company.”
An individual with information informed The Post Harris stays centered on Apollo for now however is not sure of his future plans. Over the summer time, there have been reviews Harris was contemplating launching his personal non-public fairness agency.
An individual near Harris informed The Post that roughly 76 % of the gross sales are half of “retirement planning and diversification” that was beforehand disclosed. “Harris still believes Apollo stock is massively undervalued and that it’s still a good investment long term,” this particular person provides. Even after the stock gross sales, Harris stays the second largest shareholder in Apollo.
Still, the gross sales come as Harris, 56, focuses extra on his personal investments and his sports activities and media company Harris Blitzer Sports & Entertainment, according to a previous statement. Harris will formally depart his Apollo day job when the company’s merger with annuity supplier Athene closes within the first quarter of 2022. Harris will stay on Apollo’s board of administrators and can keep on the Executive Committee of the Board.
Harris’ relationship with Leon Black and different prime brass at Apollo has been strained since Harris inspired Black to depart amid scrutiny of Black’s relationship with intercourse offender Jeffrey Epstein, in keeping with quite a few reviews.