Papa John Schnatter Has Sold $200 Million Worth Of Shares In The Last Three Months

ByAmy Lamareon September 4, 2019inArticles›Entertainment

What’s going on with Papa John Schnatter ? On Tuesday, August 26 th , the embattled pizza man unloaded another $30 million in shares. It wasn’t all that long ago that Schnatter was excited about the idea of getting a hedge fund to invest in the fast food pizza chain he founded. He was still trying to get past that nasty scandal where he dropped the “n” word during a conference call. As recently as February, Schnatter was still considering returning to the CEO office of the company he founded. But something happened.

Since May, Schnatter has been selling off his stake in the company. On May 21, he sold 3.5 million shares to UBS for $157.5 million. This week, he sold off 250,000 shares over two days. He currently owns about 5.25 million shares — roughly half of the total he owned in May. This latest selling off of shares is a year after the news broke about his use of a racial slur. The resulting scandal saw him resign as CEO and step down from his role as chairman. In March he left the board of directors.

Papa John Schnatter Has Sold $200 Million Worth Of Shares In The Last Three Months - 1

Rob Kim/Getty Images

It all started to go bad for Schnatter back in November 2017 when he stepped down as CEO after a string of public relations messes and falling sales. Schnatter wasn’t shy about his opinion of NFL players who took a knee during the National Anthem. In fact, on a recent investor call he blamed the controversy for the chain’s slumping sales.

Schnatter famously built Papa John’s from the ground up. He graduated from Ball State University in 1983 and went to work at his father’s tavern, which was on the verge of bankruptcy. Schnatter sold his car to pay off the tavern’s debts and to buy pizza equipment, which he put in the bar’s broom closet. Schnatter’s pizzas became famous locally, saved the tavern, and led to him opening the first Papa John’s in Jeffersonville, Indiana in 1985. By 1991, his company had 100 locations. Today, Papa John’s has more than 5,300 pizza places in 45 countries.

  • Papa John Schnatter Net Worth
  • Papa John Schnatter’s $500 Million Fortune Bought This Insane 40,000 Square Foot Kentucky Mansion
  • “Papa John” Schnatter Says He Has “No Confidence” In His Company’s Management (Meanwhile Sales Are Down Massively)
  • Papa John Schnatter Just Hit Billionaire Status
  • Papa John Schnatter’s Wife Has Filed For Divorce
  • Louisville Settles With Papa John Schnatter – Here’s How Much Money He’ll Receive