- Posted: 4:45 PM, July 29, 2012
The head of the world's largest coffee-shop chain saw the value of his stake in Starbucks' stock plunge by $151 million as the share price fell nearly $5 from the close of trading Thursday to the close of trading Friday.
While most of the major indices were up Friday, Starbucks sank after the company posted disappointing earnings results the day before.
Starbucks reported a third-quarter profit that rose less than analysts expected amid weak demand in Europe. The company then lowered its forecast for fourth-quarter profit.
The value of Starbucks' stock started sinking in after-hours trading from its closing price of $52.40 and by the close of trading Friday was at $47.47.
According to Starbucks' most recent proxy statement, Schultz owns nearly 31 million shares of the coffee giant's stock.
So, over a 24-hour-period from Thursday afternoon to Friday afternoon, Schultz lost nearly $151 million.
Even at Starbucks' prices, that's a lot of coffee.