Leon Black Trims Apollo Stake with 915,000-Share Sale

Leon D. Black sold 915,000 Apollo Global Management shares at $134.03 apiece on September 4, cutting his stake by about $122 million, the firm disclosed on September 8.

The transaction, filed in a Form 13F with the U.S. Securities and Exchange Commission, marks a notable reduction of Black’s holdings in the private equity firm he co-founded, highlighting his ongoing portfolio adjustments following his transition to non-executive roles.

Share Sale Details

• Date of sale: September 4, 2025
• Shares sold: 915,000
• Price per share: $134.03
• Total proceeds: approximately $122 million

Market Reaction Institutional investors have shown increased interest in Apollo Global Management, even as Black reduced his position. Major asset managers-including Amundi and GW&K Investment Management-have recently added to their Apollo holdings, suggesting confidence in the firm’s earnings power and dividend yield despite insider sell-offs.

Analyst Commentary Analysts from Barclays, Evercore ISI, Wells Fargo and Citigroup have all raised Apollo’s price targets this quarter, citing strong quarterly earnings of $1.92 EPS and a 1.6 percent annualized dividend yield that exceeded expectations.

Background Leon Black stepped back from day-to-day management of Apollo earlier this year amid scrutiny of his past dealings. He remains a significant shareholder and non-executive officer but has handed operational control to co-founder Marc Rowan. This share sale reflects Black’s gradual shift toward portfolio diversification and personal wealth management following his departure from executive duties.