Grab execs buy back shares after stock hits three-year low on Atome deal

Grab executives have bought back company shares worth over $30 million after the stock hit a three-year low. The share price slump followed an announcement that Grab would acquire buy-now-pay-later provider Atome Financial in a deal that could value the target at up to $4.5 billion, according to The Business Times - Companies & Markets.

Grab's share price fell to $2.74 on September 18, its lowest level since May 2023. The stock had tumbled 50% over the past year. On September 21, Grab CEO Anthony Tan purchased $30 million worth of shares, while President Alex Hungate bought around $867,000 worth, as per US Securities and Exchange Commission filings.

The purchases came after Grab announced plans to buy back around $900 million worth of shares over the next 12 months. Following the executive share purchases, Grab's shares closed up 8.9% on Tuesday. At a company town hall, Tan expressed confidence in Grab's strategy and direction, saying "I have put my money where my mouth is".

Brief written by urgent.news from Economic Times Tech, The Business Times - Companies & Markets — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.