|Kenneth Griffin’s hedge fund Citadel Investment Group, which is E*Trade Financial Corp’s largest shareholder after bailing out the company in 2007, has sold a further 27.5 million shares in the company. This comes after a February 24th move in which Citadel sold 24 million shares in the company, cutting its ownership stake from 27% to 18%. |
This move will cut its stake to less than 10%. Last year, Citadel Investment Group sold 172 million shares in the company, causing a 7.1% fall in share price. E*Trade shares fell about 2.4% after the most recent announcement.