Best Buy Founder Will Sell Company Stock

In an effort to “diversify his assets and raise money,” Best Buy founder Richard Schulze will sell company stock, according to Bloomberg.

Schulze owns 21 percent of Best Buy, reports Bloomberg, and can sell his stock between Oct. 1 and March next year.

“The guy’s net worth has doubled in the past year,” Michael Pachter said, referring to Schulze, in a Bloomberg interview. “Why not take some off the table?”

The Star Tribune reported that Schulze wants to expand his foundation, the Richard M. Schulze Family Foundation, to a $1 billion organization.

“Our family is feeling good about this,’’ Schulze told the Star Tribune. “And I’m prepared to make meaningful contributions. This foundation will be driven by our research … and finding ways to transform [health and education] for the benefit of mankind.”