Josh Harris, the billionaire-private-equity giant who owns the Philadelphia 76ers, is cutting his stake in Apollo Global Management following the noisy departure of his co-founder Leon Black as president and chief executive.
Since May – amid a controversy with Black pedophile Jeffrey Epstein following the surprise resignation of Harris after Harris announced he would quit his “routine role” in early 2022 – Harris has sold 6.6 million Apollo shares, According to a LOVEBYLIFE report.
It accounts for 18 percent of Harris’ holdings, valued at approximately $ 490 million. Stock sales are bigger than those of Mark Rowan, who succeeded Apollo’s CEO after Black, or Black, who did not sell a single share of Apollo.
In a statement to The Post, Harris’ spokesman said, “Josh remains a strong and supportive long-term shareholder of the company.”
A man with Post Harris knowledge is now focused on Apollo but unsure of his future plans. Over the summer, there were reports that Harris was considering starting his own private equity firm.
A person close to Harris told the Post that about 76 percent of sales were part of “retirement planning and diversification.” “Harris still underestimates Apollo’s stock heavily and believes it is still a good investment,” this person says. Even after the stock sale, Harris remains the second largest shareholder in Apollo.
Still, the sale focuses heavily on Harris, 56, his personal investments and his sports and media company, Harris Blitzer Sports and Entertainment. According to the previous statement. Harris will officially quit his Apollo Day job in the first quarter of 2022 when the company merges with annuity provider Athene.
According to several reports, Harris’ relationship with Leon Black and other top officials at Apollo has deteriorated after Harris encouraged Black to leave amid a review of Black’s relationship with Likes criminal Jeffrey Epstein.