The founder of online retailer Inditex says the stock he sold this week has been worth more than $1 billion.
The stock, which is up more than 13 percent this year, rose above $1,000 per share after Inditexes stock closed Tuesday for a record high of $1.16.
Inditexs shares have gained more than 60 percent this decade.
“This stock is a winner,” said the 57-year-old Briggs, who was named CEO of the company in May.
“I’m really happy.
Inditexus stock surged on the news of Briggs’s announcement, climbing more than 1,300 percent since it closed on April 21. “
The market is going to be a different place when this stock closes and the stock market has come back, and I’m sure it will.”
Inditexus stock surged on the news of Briggs’s announcement, climbing more than 1,300 percent since it closed on April 21.
Briggs said he’s confident in his future as CEO and expects to announce plans to expand the company to more countries and markets, such as China and India.
Indicex shares are up more $30 per share this year.
“We are really excited about our new growth strategy,” Briggs said.
“Now is the time for our shareholders to get on board.”
Indicexus has a $30 billion market cap, according to FactSet, up from $19.5 billion in its first quarter of 2016.
The company is working to expand its business to more markets, Briggs said, and expects a second quarter that will see an average of $10.5 million in revenue and an average annualized return of 15 percent.
Indiex is also considering expansion into retailing, and Briggs said the company is looking into ways to expand into consumer products, such a shoes, electronics and clothing.
Indinex’s stock has risen by about 80 percent over the past five years, according.
It closed at $1 and $1 a share Tuesday, respectively.
Indiatex stock is up about 2.6 percent over this period, while the S&P 500 index has gained 1.5 percent.
The Nasdaq composite index of companies closed Tuesday at 21,743, up 1.2 percent from Tuesday’s close.