SHOCKING FAMILY HEIST: Egg Tycoon’s Kin CASHES OUT Amid Bird Flu Fiasco!
A Flock of Fortune: Cal-Maine Foods Family Turns Their Backs on Control for Cash!
In a jaw-dropping twist of fate, the brood that reigns over America’s biggest egg empire, Cal-Maine Foods, is making headlines for all the wrong reasons! As the country grapples with a devastating bird flu crisis that’s sent egg prices skyrocketing to outrageous new heights, the family is scrambling to cash out, trading their controlling shares for a shot at financial freedom!
The four daughters and their son-in-law of the late founder Fred R Adams Jr have thrown away their golden keys to the egg kingdom. Reports reveal they’ve agreed to swap their super-voting shares for common shares, reducing their grip on the company’s power and paving the way for a massive cash-out. The value of their stake? A staggering $532 MILLION!
Right as the price of eggs hits a dizzying $8.58 per dozen—a jaw-dropping 70% increase from last year—Cal-Maine reveals a jaw-dropping $500 MILLION share buyback program, the first of its kind in 20 years! This ruthless cash grab may even allow the corporation to buy back shares directly from the family as they make their sly exit!
Experts are calling this strategic move a clear indication of the family’s intent to unload their shares amidst spiraling profits. While farmers are reeling from a culling of 100 MILLION chickens, turkeys, and egg-laying hens due to the avian plague, Cal-Maine is raking in profits like never before—$356 MILLION in gross last quarter alone, a fearsome FOURFOLD increase!
Dolph Baker, the family’s son-in-law and company chair, insists their decision is merely a personal one tied to “financial and estate planning.” But isn’t it convenient for them to cash in while prices soar and families scramble to afford a carton?
Fred “The Big Chicken” Adams built this empire back in 1957, starting from humble beginnings outside Jackson, Mississippi, and by the time he passed in 2020, Cal-Maine was providing ONE in TEN eggs across the U.S. Now, it’s clear his family, with daughters spread from D.C. to Tennessee, is more focused on personal gain than on the egg crisis gripping the nation!
With recent allegations of price-fixing leading to a $53 MILLION damage decree, advocates claim that Cal-Maine and its competitors have been exploiting the crisis to mint record profits while squeezing out the little guys! Advocacy groups are demanding accountability from powerful corporations profiting off of America’s hunger!
And if that wasn’t enough? The U.S. government has initiated a $1 BILLION plan to fight avian influenza and bring egg prices back down to Earth, including importing eggs from other countries! Will this family’s greed turn into a financial comeuppance? Only time will tell!
Buckle up, folks! The egg industry is about to get much more exciting!
photo credit: www.ft.com
