Grab executives buy back $30M in shares after stock hits 3-year low

When your company’s stock drops 50% in a year, there are a few ways to respond. You can blame macro headwinds. You can promise a turnaround is coming. Or you can open your personal checkbook and buy $30 million worth of shares. Grab’s CEO went with option three. Anthony Tan, co-founder and chief executive of the Southeast Asian super-app, purchased 10.35 million Class A ordinary shares on September 21, spending approximately $29.88 million at a weighted average price of $2.8866. COO Alexander Hungate chipped in roughly $867,000 for about 300,000 shares at a similar price. Combined, the two executives put more than $30 million of personal capital into Grab stock just days after it cratered to $2.74, its lowest level since May 2023. The selloff and what triggered it Grab’s stock hit that three-year low on September 18, a decline that coincided with two major announcements. The company revealed its planned acquisition of Atome Financial, a buy-now-pay-later provider that could be valued at approximately $4.5 billion. Simultaneously, Grab disclosed plans for a $900 million share buyback program over the next 12 months. Investors appeared spooked by the price tag on Atome and the strate...