John Schnatter Sells About $107.5 Million Worth Of Papa John’s Stock
ByJoseph Gibsonon November 12, 2019inArticles›Celebrity News
Disgraced Papa John’s founder John Schnatter may not have much to do with the pizza delivery chain he founded, but even though he’s not CEO and chairman anymore, he is a substantial stockholder in the company, and he recently sold about $107.5 million worth of that stock.
In a Fox Business interview, the man formerly known as Papa John explained that the decision was strictly business and not meant to be any kind of personal expression on his part:
“My decisions are made strictly as an outside investor…And in this case, it’s really simple. Arithmetic is not an opinion.”
Schnatter let go of 1.9 million shares in Papa John’s per an SEC filing, but he still has 2.9 million shares left, themselves valued at about $166 million. And those shares account for about 9.2 percent of the company.
Rob Kim/Getty Images
Schnatter told Fox Business that Papa John’s is “going backwards,” which he says is why he decided to unload so many shares. But he also says the company’s “abandoned its fundamental principles.”
“There is no reason to be in the car when the car crashes, even if you love the car.”
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