Grab Executives Buy $30 Million in Shares After Stock Slump

Anthony Tan, the CEO of Grab, purchased $30 million in company shares on Monday, while President Alex Hungate bought approximately $867,000. These insider purchases followed a period of significant volatility where Grab shares hit a three-year low of $2.74 on September 18 and fell 50 percent over the previous 12 months.

The stock decline occurred after Grab announced on September 15 that it would acquire the buy-now-pay-later provider Atome Financial in a deal potentially valued at $4.5 billion. This acquisition came alongside a company plan to buy back $900 million in shares over the next year.

Following the executive purchases, Grab shares rose 8.9 percent on Tuesday.