Richard Schulze, chairman and founder of Best Buy Co. Inc., sold stock this week worth almost $120.4 million.
Schulze sells $120 million in Best Buy stock
December 8, 2007 at 1:22PM
Schulze sold 1.5 million shares of Best Buy on Dec. 4 for $51.11 each and 850,000 shares at $51.45 per share Dec. 5. He still holds about 69.4 million shares of the company, which at Friday's closing price of $52.71 are worth more than $3.65 billion.
Schulze, 66, founded the home electronics retailer in 1966 as a single store in St. Paul known as the Sound of Music. Schulze gave up day-to-day control of the company in 2002 but remains chairman of the board.
Schulze has become a prominent Twin Cities philanthropist. In 2000, Schulze, who does not have a college degree, gave the University of St. Thomas $50 million.
At the time it was believed to be the single largest gift to any Minnesota college or university.
But at the end of October, Lee and Peggy Anderson gave the university $60 million as part of the school's $500 million, eight-year fundraising drive.
Best Buy did not immediately return calls seeking comment about Schulze's stock sales.
PATRICK KENNEDY
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