Commerce Secretary Howard Lutnick has been on the front lines of the trade war, although before that, he was an active veteran on Wall Street. Now, Lutnick is in the process of divesting his investment interests in order to comply with U.S. government ethics rules.
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Lutnick Sells $278 Million of BGC and NMRK Stock
BGC Group (BGC) announced this morning that it would repurchase $151.5 million of shares from Lutnick, while Newmark Group (NMRK) announced that it would repurchase $127 million of shares from him. On top of that, Lutnick has agreed to transfer his ownership of Cantor Fitzgerald to his children. His two oldest children are the President/CEO and Executive Vice Chairman of the investment bank.
BGC stock is trading higher on the news while NMRK stock is in the red.
