Real Estate CEO makes $1.6M off volatile stock market during pandemic, gives it all to employees

The CEO of an Ohio-based real estate investment firm made $1.6 million in just eight days as the volatile stock market fluctuated drastically in response to the coronavirus pandemic. But rather than keep the money himself, he is giving it out as bonuses to his employees.

Larry Connor, the founder and owner of The Connor Group, announced the decision in a video to employees.

“I started to think about probably our most important core values: Do the right thing and people count,” he says in the video. “I’m taking the entire $1.6 million and dividing it up among all of you. In my view, this is not a gift. You have earned it.”

According to a report by the Cincinnati Enquirer, the company will give the funds out in bonuses ranging from $2,000 to $9,000, and they’ll go to all “non-highly compensated associates.” There is a tiered system of bonuses, based on how long people have been with the company and their position. 

Associates who make more than $150,000 annually were not eligible. The median salary of associates who received bonuses is roughly $42,000, company spokeswoman Amanda Brown told CNN in another report.

Employees reacted with shock, joy and tears in the video shared by the company. 

“Six thousand dollars. This is something you don’t get every day. It just blew mind, I was so happy and I’m glad that I work for a company like this,” Pedro Ducos-Vazquez, an employee in Raleigh, N.C., said of his bonus. “He is not just saying company things to motivate you. He lives our company’s circle of values. He leads by example.”

According to Brown, the $1.6 million was the net amount after tax and will also go to paying some unexpected child care expenses for employees.