The Galperín trust sold 100,000 shares on Tuesday after a strong rise in the stock. The last time the same transaction had been carried out was in 2023.
Marcos Galperinco-founder and chief executive of e-commerce giant Mercado Libre, sold shares for the first time this year after a strong quarterly report boosted the stock.
Limited Partnership, which is part of the Galperin trust, sold 100,000 shares on Tuesdayaccording to a document released by Bloomberg, raising about $188.4 million. It last sold shares between March and December 2023, according to the document.
The participation of Galperin remains about 7% on Mercado Libre, which recently surpassed Brazilian energy producer Petróleo Brasileiro SA as the most valuable publicly traded company in Latin America. Shares of the Montevideo, Uruguay-based firm have risen nearly 50% in the past year, raising its market value to US$96.3 billion.
Shares closed above $1,916 in New York trading on Tuesday, up 19% since Aug. 1, when it reported second-quarter results that beat analysts’ estimates. That compares with a all-time high of $1,984 in early 2021 during the peak of the pandemic.
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Who is Marcos Galperin?
Inspired by eBay, Galperin, 52, founded MercadoLibre 25 years ago after studying at Stanford University. The Argentine, who has been living in Uruguay for four years, has a net worth of about $8.6 billion, according to the Bloomberg Billionaires Index.
Earlier this month, one day before celebrating its 25th anniversary, MELI announced its results for the second quarter of 2024. It did so with another record balance sheet. It doubled its net profit, to US$ 531 million. Thus, in the first half of 2024, the company, which operates in 18 Latin American countries, accumulated a profit of US$ 875 million, 89% higher than the previous year.
The company’s net income -service and financial income- for the last quarter totaled US$ 5.1 billion. As a result, between January and June, Mercado Libre recorded a turnover of US$9,406 million, a growth of 38% compared to the first half of 2023.
Source: Ambito
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