News
This San Francisco Investor Made Millions From Amazon’s Whole Foods Announcement
June 19, 2017
One San Francisco mutual fund manager made $31.4M in paper profits Friday after Amazon moved to purchase Whole Foods. Parnassus Investment founder Jerry Dodson began buying shares of Whole Foods stock in 2014 at $32/share. He now holds 2.9 million shares under Parnassus Endeavor Fund, a sole fund he runs, the San Francisco Business Times reports.
Amazon said it would pay $42/share Friday. At the close of business Friday, Dodson’s stocks were worth $125.6M.
While few details have emerged on what Amazon plans to do with the Whole Food stores, Dodson said Amazon might use them as hubs for online deliveries or pickup centers. Amazon's move to buy Whole Foods may have launched a bidding war that could drive stock prices higher.
