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Apple CEO Buys 120K Shares at $5.75
by , 11:55 AM EDT, August 16th, 2007
Apple CEO Steve Jobs exercised an already approved option to buy company stock earlier this week and managed to gain 120,000 shares at US$5.75 each. The purchase was part of a 1997 deal when Mr. Jobs was a company director and not yet CEO, according to Bloomberg.
The required regulatory filing documenting the transaction was completed on Wednesday.
Even though the company's stock is much lower now than it has been over the past few weeks, Mr. Jobs still landed a nice deal. The price he paid for the stock is over $100 less than the current market value.
Apple was the focus of a stock options backdating investigation earlier this year that left many investors concerned that Mr. Jobs could find himself in serious legal trouble. An independent investigation by the company cleared him of any wrong doing, and the government seems to have agreed with the findings.
Apple is currently trading at $114.3701, down 5.5299 (4.61%).
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
Observer Comments
Jobs is completely above board here. There are those who think he fiddled the books and got Nancy Heinen and Fred Anderson in trouble but an in house inquiry by none other than the utterly capable Al Gore got him off the hook. And just to prove how gosh darned honest he is Jobs promised to never ever entertain the receipt of funky stock options ever again.
Except just this once of course.
I hope Apple customers and shareholders alike realize what's just happened. Steve Jobs walks through a revolving door with these shares and pockets a cool $12 million.
As a shareholder myself I am outraged.
Thu Aug 16, 2007 3:05 pm Subject: Steve's purchase
Thu Aug 16, 2007 3:06 pm Subject: Re: Yeah Right
QuoteFairly wrote:
Jobs is completely above board here. There are those who think he fiddled the books and got Nancy Heinen and Fred Anderson in trouble but an in house inquiry by none other than the utterly capable Al Gore got him off the hook. And just to prove how gosh darned honest he is Jobs promised to never ever entertain the receipt of funky stock options ever again.
Except just this once of course.
I hope Apple customers and shareholders alike realize what's just happened. Steve Jobs walks through a revolving door with these shares and pockets a cool $12 million.
As a shareholder myself I am outraged.
Why? When he was given those options, that's what they were worth. Would you have been less outraged if he had exercised the options when they were issued and then held the shares until now? The result for him would have been the same. We don't know the reasons for exercising those options--they may have been ready to expire, for example. If he had wanted to make a lot of money, he would have exercised them a few months ago and sold the shares at $140, rather than $115.
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