David Velez, the billionaire co-founder and CEO of a prominent financial institution, recently completed his second stock sale since the company’s initial public offering in 2021. Velez sold 31 million shares, representing approximately 3% of his total stake, through his trust Rua California Ltd. This transaction generated $404 million and was conducted for estate planning purposes, as stated in a filing.
The financial institution, known for its digital banking services and multiple subsidiaries in Latin America, experienced a notable increase in stock value following its second-quarter profit report, which showcased a significant year-over-year growth. The company’s shares rose over 5% on Wednesday and an additional 3% on Thursday, reaching a new all-time high. Year-to-date, the stock has climbed more than 65%.
Founded in 2013, the financial institution has become the most valuable publicly-traded financial entity in Latin America, with a market capitalization of nearly $66 billion. Serving nearly 105 million customers, including a substantial portion of the adult population in Brazil, the company has solidified its position as one of the largest digital banks globally.
In a previous stock sale in August 2023, Velez sold 25 million shares for $191 million, indicating a commitment to funding philanthropic efforts with his wife through their foundation. With a current stake of approximately 20% in the company, Velez’s net worth is estimated at $13.1 billion, according to the Bloomberg Billionaires Index.
The financial institution’s shares reaching a record high further emphasizes its successful financial performance and market position.
