So many investors were surprised when the French businessman unloaded 451,153 of his Best Buy shares, worth $16.7 million, last Friday. He had to pay for his divorce.
"This sale reflects only one thing -- Mr. Joly has recently gone through a divorce and needs to sell a portion of his holdings in order to cover the costs of that unfortunate event," the company said in a statement Tuesday. "He remains heavily invested in Best Buy."
The company added that Joly only dumped 20 percent of his stake and still holds 476,000 shares.