Invoice Ford is doubling down on Ford shares and amassing extra management of the corporate

New Ford CEO Jim Farley (left) and Ford Chairman Bill Ford Jr. pose with a 2021 F-150 during an event September 17, 2020 at the Michigan plant of the company that makes the pickup truck.

Michael Wayland | CNBC

DETROIT – Ford engine Chairman Bill Ford has slowly amassed more shares and control of the automaker founded by his great-grandfather in 1903.

not how Elon Musk and other CEOs who recently cashed out a portion of their company stock as prices soared, Ford has doubled its namesake company over the past decade.

The 64-year-old is the company’s largest single shareholder with 2.3 million shares of Ford common stock. More importantly, he’s also the largest holder of the automaker’s Class B stock, which has super voting rights that have allowed the Ford family to retain control of the company. While the Class B shares make up 2% of Ford’s outstanding shares, they control 40% of the voting power.

Bill Ford directly owns 16.1 million, or 23%, of Class B shares available only to family members. That’s four times the roughly 4 million, or 5.7%, he owned in 2012, according to FactSet.

“I think it’s really important that the family legacy continues. It gives us a face and maybe a humanity that many other companies don’t have.”

from Satya Nadella at the Microsoft to jeff bezos and musk, CEOs, founders and other company insiders have cashed in at the fastest pace ever $69 billion in shares in 2021, as looming tax hikes and soaring stock prices encouraged many to take profits.

Ford, whose stake has grown through his work as CEO, said he’s holding on to his shares because he has “tremendous confidence” in the company’s management team, led by CEO Jim Farley, to fulfill Farley’s Ford+ turnaround plan Focus on electric and connected vehicles. Bill Ford received $16 million in total compensation from Ford in 2020, which consisted of a mix of benefits, cash and stock awards.

Ford last month acquired 412,500 additional Class B shares held in a family trust. The move came about a week after he acquired nearly 2 million shares of common stock in the company through the exercise of stock options, some of which had expired.

Instead of collecting the $18 million in proceeds he would have received from exercising the options, as most executives do, Ford paid $20.5 million in cash and taxes on the earnings to acquire the shares to keep.

“I just feel like we’re very well positioned to deliver superior shareholder returns, and for my part, I wanted to be a big part of that,” Ford told CNBC. “I think in many ways we have an opportunity to create the greatest value for shareholders since the Model T has scaled.”

electric vehicles

Unlike his predecessor, Farley has gained investor confidence since taking the helm October 2020. The automaker’s shares are up about 270% since then, taking its market value above $100 billion for the first time Thursday. 2020 was the first year for Ford since 2001 The stock has crossed the $20 mark.

Read more about electric vehicles from CNBC Pro

The stock closed Thursday at $25.02 per share, with the company’s market value at $99.99 billion. Ford is now worth more than its crosstown rival General Motors, which is estimated at around 90 billion dollars.

As part of Farley’s Ford+ plan, the company is heavily focused on electric vehicles, including the Mustang Mach E and all-electric Ford F-150, and connected services to generate recurring revenue. The company expects an 8% adjusted profit margin before interest and taxes in 2023 — earlier than many analysts expected.

“The Mach-E and the Lightning, both of their order banks just blew us away,” said Ford. “We’re on this electrification journey, but it’s more than that. It’s about the connection to the customer, it’s all services that are being developed around electrification.”

family shares

Ford directly owns about 20.3 million shares of stock, including restricted shares, common shares and Class B shares. The holdings, which may exclude some trusts, were worth more than $500 million at Thursday’s close.

There are 71 million class B shares, worth approximately $1.8 billion, held by descendants of company founder Henry Ford. The Ford family’s voting power will diminish once their Class B shares fall below about 60.8 million.

Some have criticized the dual-share system for unfairly allowing the family to remain in control of the automaker. Ford has repeatedly defended the dual-share structure so the automaker could focus more on the long term and not be another “nameless, faceless company.”

“I think it’s really important that the family legacy continues,” he said. “It gives us a face and maybe a humanity that many other companies don’t have.”

The two-tier share structure that has existed since the company’s IPO in 1956 has faced numerous challenges from shareholders. At last year’s AGM, 36.3% of voters supported a system that gave each share an equal vote, slightly above the 35.3% average since 2013.

Ford believes his stock ownership supports his defense of the family’s stock and voting rights. Ford said he had no recollection of selling Ford stock on the open market. This does not include the exercise of options, the transfer of stock to trusts, or the conversion of common stock into Class B stock.

“I’m in for the long haul. This is my life and I love the company,” he said. “I really believe we’re heading for an incredible future.”

– CNBC’s Robert Frank contributed to this report.

Correction: Henry Ford was Bill Ford’s great-grandfather. A previous version’s headline misrepresented the relationship. Ford shares closed at $25.02 on Thursday. A previous version incorrectly specified the day.

Ohio officers say there’s unclaimed cash that has been in state management for years — Is it yours?

CLEVELAND (WJW) – It is a type of game that a lot of people had fun playing and an opportunity to win anywhere from a few dollars to thousands of dollars.

All you need to do is do a quick check of your name on the Ohio Unclaimed Funds database.

“Over 70% of the claims we receive can only be paid out on your state-issued ID or social security card,” said Akil Hardy, who heads the Ohio Unclaimed Funds program.

Funeral home convicted of stealing elderly victims

Hardy says this can be one of the easiest ways to get money owed to you. Over the years the state has put a lot of effort into getting people to check the database, including visiting places where many Ohioans congregate.

The pandemic slowed things down so they had to get more creative.

“Over the past year we have had to rely more on print or digital advertising and that has been pretty productive for us. In February we had a campaign around the first annual Unclaimed Property Day, which generated a lot of interest, a lot of attention and a lot of claims, ”said Hardy.

However, there is still so much money left.

In fiscal 2021, the state raised around $ 287 million unclaimed funds. They only paid out claims of around $ 75 million.

In total, the state of Ohio holds more than $ 2.6 billion in assets and is just waiting for someone to claim them.

Schools in northeast Ohio are battling bus driver shortages

Some of that money has been government controlled for years by companies that no longer exist, including insurance payments, old security deposits for apartments, cable bills, phone bills, and utilities. It can also be things like closed bank accounts or physical items like postage stamps, coins or jewelry that are kept in a safe.

Hardy says no matter how small the amount, if you can prove it’s yours, it should be in your pocket and not floating around in a government database.

“We keep the money permanently, so it doesn’t go anywhere. Unless there is a change in the law, the rightful property owner always has the option of collecting his or her money, ”said Hardy.

For more information on making a claim, see Click here.

Fauci says he hopes U.S. could have ‘some good management’ by spring 2022

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, makes an opening statement during a Senate Committee on Health, Education, Labor and Pensions hearing to discuss the ongoing federal response to COVID-19 in the U.S. Capitol in Washington, DC , May 11, 2021.

Greg Nash | Swimming pool | Reuters

The Chief Medical Officer of the White House, Dr. Anthony Fauci said he hopes the US will have some control over Covid-19 by spring.

“If we can get through this winter and get the majority, the overwhelming majority of the people who haven’t been vaccinated, vaccinated, I hope we can get a good control in the spring of 2022,” Fauci said in an interview on CNN on Anderson Cooper 360 . “

Many scientists are now predicting that Covid will continue to circulate around the world for the foreseeable future, obliging nations to reintroduce public health measures on an ad hoc basis.

US health officials claim vaccinations are the nation’s best hope to dramatically reduce the number of new cases and end the pandemic. According to the Centers for Disease Control and Prevention, more than 171 million Americans, or 51.5% of the total US population, are fully vaccinated as of Monday.

“When we get into spring, we could go back to some degree of normalcy, which is to resume the things we hoped we could do, restaurants, theaters and the like,” Fauci told CNN.

That prediction comes with a major caveat, he said, noting that U.S. officials originally thought Covid would be pretty well contained by July 4, before the Delta variant showed up and derailed those projections.

“If we go any further without vaccinating the people who were supposed to be vaccinated, this could continue and lead to the development of another variant that could complicate things,” he said.

On Monday did the Food and Drug Administration full consent given to Pfizer and BioNTech‘s Covid-19 vaccine – first in the US to receive the coveted award.

US officials and health experts hope that full approval will convince some unvaccinated Americans that the shots are safe. A survey by the Kaiser Family Foundation found that 3 in 10 unvaccinated adults said they would be more likely to be vaccinated if one of the vaccines got full approval.

In a separate interview Tuesday on NBC’s “Today Show,” Fauci said there will also be a lot more “enthusiasm” for prescribing the vaccine, which will lead to a surge in vaccination rates.

Shortly after the FDA approved, New York City officials said they would all need 148,000 public school teachers and employees to get her Covid-19 vaccinations in the fall. They had previously said that employees could avoid the vaccines if they had regular weekly Covid tests.

The Pentagon said it will be need service members receive the Pfizer vaccine now after full approval.

With full approval, companies can now advertise the vaccine on television and other media platforms, which could also help with vaccinations, Fauci said.

“You’re going to be doing a lot more publicity, which you weren’t allowed to do unless you got full consent,” he said.