YouTube | Good Morning America

Real Estate CEO Earns $1.6 Million On Stock Market And Gives It To Employees

Updated September 6, 2021

If there's one value to a time of crisis, it's that it tends to show us who the people around us really are. It's only natural to worry about what's to come and it's also understandable to see our minds go to some dark places that might either paralyze us with fear or cause friction between friends that might otherwise not exist.

But at the same time, it's also true that as soon as people received their stimulus checks, you could almost set your watch to the array of people coming up with underhanded or even outright illegal ways to try and get a piece of it.

But as we're about to see today, it's also possible for those who find themselves with more than they expected to have reconsidered who really needs it.

Although it's unclear what kind of moves he made, the CEO of real estate investment The Connor Group recently found himself $1.6 million richer.

Facebook | The Connor Group

Yet as CNN reported, the current volatility of the stock market allowed Larry Connor to amass that much over the course of only eight days.

According to company representative Amanda Brown, this $1.6 million total was the net gain after taxes.

It's worth noting that the Connor Group employs about 400 people, which include maintenance workers, trainers, and property managers.

Facebook | The Connor Group

All have remained working during the COVID-19 pandemic because Connor's network of luxury apartment complexes are considered essential businesses.

So as USA Today reported, when Connor had a surprise announcement for them, they had reason to believe that it was simply a coronavirus update.

What they ended up hearing from him, however, was, "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."

YouTube | Good Morning America, The Connor Group

According to CNN, this distribution specifically amounted to bonuses ranging from $2,000-$9,000 awarded to "non-highly compensated employees."

Although these bonuses were partially based on an employee's position and longevity, there was a hard-and-fast rule that anyone making over $150,000 was not eligible.

He added that his decision best aligned with the firm's core values of "do the right thing" and "people count."

As you might have expected, all in attendance were surprised. Some laughed joyfully, while others were overwhelmed enough to weep.

YouTube | Good Morning America, The Connor Group

Although one maintenance worker, Pedro Ducos-Vazquez, felt that this gesture fit Connor's personality as he has always made himself accessible to employees, he was still stunned by the result.

As he told USA Today, "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. He is not just saying company things to motivate you. He lives our company's circle of values. He leads by example."

His sentiments were echoed by property manager Melissa Demoulin, who said, "Just getting the news that he (Connor) was doing that was a selfless thing. It's so caring and so thoughtful that he wanted to take care of his people."

The bonuses aren't the only way that The Connor Group seeks to make things easier for its employees right now.

Facebook | The Connor Group

According to CNN, the firm is also paying all unexpected childcare expenses for its employees and allowing employees to get short-term pay advances in exchange for payroll deductions later on.

As Connor said, "These are challenging times, but the way our people have responded has been nothing short of heroic."

h/t: CNN, USA Today

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