Lutnick agreed to sell 16.45 million Class A and 8.97 million Class B BGC shares

Entities and roles

• Howard LutnickTrump-appointed commerce secretary and former Cantor Fitzgerald chief
• Donald J. Trumpappointing president and cabinet principal for Howard Lutnick
• Cantor Fitzgerald, L.P.buyer of the Class B shares
• BGC Group, Inc.issuer and buyer of the Class A shares

Relationships in this file

1. BGC Group, Inc.agreed to buy 16,452,850 Class A sharesHoward Lutnick
2. Cantor Fitzgerald, L.P.agreed to buy 8,973,721 Class B sharesHoward Lutnick
3. Donald J. TrumpTrump-appointed commerce secretary and former chief of Cantor FitzgeraldHoward Lutnick

Money trail

1. asset transferAgreed Class B gross consideration$82,631,817.71

   Committed transfer from

   Cantor Fitzgerald, L.P.

   Committed transfer to

   Howard Lutnick

2. asset transferAgreed Class A gross consideration$151,501,133.37

   Committed transfer from

   BGC Group, Inc.

   Committed transfer to

   Howard Lutnick

Claims and evidence

1. factdocumented

   BGC's filing says Howard Lutnick agreed on May 16, 2025, to sell 16,452,850 Class A shares to BGC at $9.2082 per share, about $151.50 million before specified dividend adjustments, with closings scheduled for May 19 and after related control transfers. It separately says he agreed to sell 8,973,721 Class B shares to Cantor Fitzgerald, L.P. at the same price, about $82.63 million before adjustments; BGC later reported the divestiture complete.

   • U.S. Securities and Exchange Commission: BGC Group Form 8-K reporting Lutnick share sale and voting-control transfersItem 7.01, Sale of Class A Common Stock to the Company and Sale of Class B Common Stock to CFLP
   • U.S. Securities and Exchange Commission: BGC Group Form 8-K reporting completion of Howard Lutnick's divestitureItem 5.02, completed divestiture statement
   • Associated Press: Trump's Commerce Secretary nominee, Howard Lutnick, vows to sell his business interests in 90 daysPassages identifying Lutnick as Trump's Commerce nominee, his former Cantor leadership, and his announced divestiture pledge

Measurements

1. BGC Class B shares under sale agreement8,973,721 shares

   Basis

   Observed

   Population

   BGC Class B shares Howard Lutnick agreed to sell to Cantor Fitzgerald, L.P.

   Period

   2025-05-16 to 2025-05-16

   As of

   2025-05-16

   Method

   Direct observation: the filed Class B share count.

   Uncertainty

   Closing depended on related voting-control transfers; share count is paired with agreed gross consideration and is not an additional monetary value.

2. BGC Class A shares under sale agreement16,452,850 shares

   Basis

   Observed

   Population

   BGC Class A shares Howard Lutnick agreed to sell to BGC

   Period

   2025-05-16 to 2025-05-16

   As of

   2025-05-16

   Method

   Direct observation: the filed Class A share count.

   Uncertainty

   The filing scheduled separate closings; share count is paired with agreed gross consideration and is not an additional monetary value.