Shares of electronics retailer Best Buy
) were down roughly 3% Tuesday on the news that co-founder Richard Schulze plans to start selling shares of the company he founded. This is a dramatic turnaround from the former CEO's attempts to take Best Buy private only a few months ago.
Does Schulze know something we don't? According to him, he's just looking to "diversify assets and raise money," but Motley Fool adviser David Meir thinks the CEO has a different goal entirely.
Meir thinks that it's much more likely Schulze is simply looking to cash out on Best Buy's big gains over the last year. Shares of the company are up over 100% in the last twelve months -- and 180% above where the company was at the beginning of the year. The retailer has enjoyed a good run, but Meir is concerned about where it's heading.
Best Buy has used dramatic cost-cutting methods to improve earnings, but its sales continue to contract as it competes with companies like Amazon
). This means that as Schulze sails into the sunset, investors may be left holding the bag.
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