Skip to comments.Al Gore Nets Another Fortune on Apple Stock [Buys 60,000 Shares Valued @ $7.48/Share!]
Posted on 01/18/2013 9:01:18 PM PST by Steelfish
Al Gore Nets Another Fortune on Apple Stock By Javier E. David Former U.S. vice president Al Gore recently netted a huge payday by selling his cable station. Now, it appears he's making another big profit buying Apple's (AAPL) stock on the cheap.
Al Gore According to a filing with the Securities and Exchanges Commission, Gore -- a director on Apple's board -- exercised an option to purchase nearly 60,000 shares of the tech giant at the bargain basement price of $7.48, costing him a total of about $445,000.
But with Apple's current market price at about $500 a share, Gore's holdings are worth $29.75 million, giving him a huge windfall-on paper at least. Gore, however, could easily afford to buy Apple's stock at the prevailing market price.
In early January, the environmental crusader sold his Current TV venture to Qatar-based news organization Al Jazeera for $500 million. Published reports say the sale of Gore's 20 percent stake in the network - worth an estimated $100 million - would bring his net worth to about $300 million
(Excerpt) Read more at finance.yahoo.com ...
Andrew Wilkow: “Socialism is for the people, not the Socialist.”
The Marxist will be wanting to confiscate all that wealth and spread it around. It’s for the children.
Yes, if I wanted 60K shares of Apple it would cost quite a bit more than $8 per share.
What am I missing? Apple hasn't been under $8 for at least 2 decades.
Chump change for algore. Apple stock was over $200.oo a share higher a couple of months ago.
It’s called stock options. At some point he must have been granted/given/paid in stock options - that is, the option to purchase stocks at a particular price.
So he sat on it until now - apparently Gore is trying to raise money and/or knows something that the general public/markets don’t know (insider trading?).
Another reason why I will never buy an Apple product.
"Al Gore . . . exercised an option to purchase nearly 60,000 shares of the tech giant at the bargain basement price of $7.48, costing him a total of about $445,000."
He probably bought leaps a few years ago.
Anybody can do it, you just have to guess right.
A leap is a long term option.
An option is where you purchase the right to buy a stock for a certain price for a certain amount of time, usually in 6 month increments.
You are buying time and value.
FYI Gore is richer than Romney
Apple was in the single digits around 2006. He probably was given options when he joined the board.
Good for him! Steve Jobs did the same thing. That’s how it works at that level.
Yes, I know and neither will ever be president...LOL.
It was apparently in AG’s contract. But I cannot imagine how this hypocrite added 29 million in value. I am not so sure Apple is now a well run company, especially after reading this.
At least Steve Jobs had something to do with Apple’s success. What has iGore contributed (other than inventing the Internet)?
Al Gore got a seat on Apple’s Board of Directors for his ability to open up doors in D.C. Don’t blame him, blame the corrupt political system.
Or more likely, protection.
A fat lot of good that money’s gonna do him. He’s still going to have to wake up tomorrow morning, look in the mirror, and see Al Gore starin’ back! :O
Gore is a big part of the corrupt political system. He deserves some of the blame.