Mining billionaire Ellison sells stock to set up family office

The controversial managing director of Mineral Resources Ltd., billionaire Chris Ellison, has sold shares in the company he founded as he prepares to set up his own family office.

Ellison sold 1.75 million shares in MinRes this week, his first sale of stock since 2017, at an average price of A$69.98 ($50.54), the company said in a regulatory filing. He remains the company’s biggest shareholder, holding more than 20 million shares representing a stake of more than 10% after the sale.

“This disposal was undertaken for personal financial planning purposes, including the establishment of a family office,” MinRes said.

Shares in MinRes tumbled as much as 7.1% before trading down 6% at 10:56 a.m. in Sydney.

Ellison has at times been a polarizing figure and has faced allegations of impropriety, including undeclared payments and conflicts of interest, leading to a slump in the company’s stock in 2024. The shares have since recouped most of that loss, and are up 164% from a year ago.

An internal probe into undeclared payments in 2024 found Ellison had engaged in “profoundly disappointing” conduct. The company was also investigated by both the Australian Securities and Investments Commission, and the Australian Securities Exchange.

Ellison announced he would step down within 18 months in November 2024, but a successor hasn’t yet been named and the timing on his retirement remains unclear.

(By Paul-Alain Hunt)