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(Bloomberg) — The daughter of late wildcatter Autry Stephens is offloading a $2 billion stake in Diamondback Energy Inc., joining a wave of ultra-wealthy individuals taking cash off the table as stocks repeatedly test new highs.
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An investment firm for Lyndal Stephens Greth is selling 10 million shares in Diamondback — about 12% of her overall stake in the Texas-based company — through JPMorgan Chase & Co., according to a regulatory filing. She previously sold almost 12.7 million shares in March, generating $2.15 billion in proceeds and reducing her stake to less than 30% from 34%.
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Greth’s net worth is about $28 billion, according to the Bloomberg Billionaires Index.
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The transactions offer a snapshot into how wealthy private investors are locking in returns in larger positions as global stock indexes hit record highs, with oil and gas firms like Diamondback benefiting from geopolitical turmoil squeezing supply chains worldwide. Banks including Goldman Sachs Group Inc. believe stocks have further to go, even as some investors worry that values look overstretched.
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Other investors taking gains from energy investments include Latin America’s richest person, Carlos Slim, who has repeatedly cut his stake this year in US oil refiner PBF Energy Inc. Mining magnate Chris Ellison and a scion of Germany’s Viessmann dynasty have also cashed in major chunks of their biggest listed holdings in recent weeks for reasons including forming a family office to manage their wealth.
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Greth, a lawyer by training, worked for various law firms before joining the board of Endeavor Energy, which her father founded and grew into the country’s biggest closely held oil producer. She became chair of the board after her father’s death at age 86 in 2024. By that time the family had agreed to sell Endeavor to Diamondback for $26 billion in cash and stock.
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She has since formed a family office and become more prominent as a philanthropist. The family’s charitable foundation donated $100 million toward a new pediatric campus at UT Southwestern Medical Center in Dallas in April.
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Shares of Diamondback, the largest pure-play shale producer in the Permian Basin, climbed 35% this year through Thursday’s close.
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