George Lucas Pours $10 Million Into Starbucks
What does one of the greatest film franchises of all-time have in common with the world’s largest coffee shop chain? That would be George Lucas.
The “Star Wars” creator invested almost $10 million in Starbucks Corp. this week. According to Bloomberg, Lucas’ GWL Living Trust bought 141,573 Starbucks shares, which have climbed 34 percent this year, on Aug. 19 at an average price of $70.60.
The billionaire’s new wife, Mellody Hobson — a member of the Starbucks board and the president of the money-management firm Ariel Investments — reported the transaction yesterday. Even though Lucas is the sole beneficiary of the trust, Hobson, as a Starbucks director, must file her and her family’s transactions in company shares.
“These shares are held in a trust for the benefit of the reporting person’s spouse,” Hobson wrote in the Form 4 filing with the U.S. Securities and Exchange Commission.
Lucas recently sold his company Lucasfilm Ltd. to Disney for about $4 billion of cash and stock.