Key facts
- Grab's stock fell to $2.74 on Friday, its lowest level since May 2023.
- Grab announced its intention to acquire buy-now-pay-later provider Atome Financial.
- Grab plans to buy back approximately $900 million in shares over the next 12 months.
- Grab CEO Anthony Tan purchased $30 million worth of shares.
- Grab president Alex Hungate purchased $867,000 worth of shares.
- Grab shares closed up 8.9% on Tuesday.
Grab's top executives bought more than $30 million worth of company shares this week after the Singapore-based ride-hailing and financial services firm's stock slumped to a more than three-year low. The stock fell to $2.74 on Friday, the lowest level since May 2023, following the announcement of a deal to acquire buy-now-pay-later provider Atome Financial. Grab also announced plans to buy back around $900 million in shares over the next 12 months, but these announcements failed to boost its shares initially. On Monday, Grab CEO Anthony Tan purchased shares worth $30 million, and president Alex Hungate bought around $867,000 worth of shares, according to filings to the U.S. Securities and Exchange Commission. Grab shares closed up 8.9% on Tuesday. Tan stated at a company townhall on Tuesday, "I have put my money where my mouth is... I believe in our strategy and our direction."