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.
From what I understand, the board must grant the options, one can’t just procure them on their own. The board thought it was worth it, for whatever reason.
If you had accumulated options to purchase Apple stock at a particular price, you could hold on to those options for years ( or even decades). If he had exercised those options in September when the stock peaked, he would have made an additional $6,000,000 and would have been able to keep more of it because of the Bush tax rates on capital gains (15% vs. the 20.0% Obama rate).
You can purchase options on the options exchange.
Another rich socialist, Democrat! Al Bore’s motto is: “Do as I say, not as I do peasants! Now, I want my happy ending, I get one with every massage or I will let the Earth burn to a crisp!”
Everyone knows, Apple is going down bigtime. He is excercising his options to get out.
Big difference-iGore didn’t purchase the options.
They were a political payoff to him, no doubt in part because of his advocacy of the Global Warming® scam, which the other liberals at Apple, including Steve Jobs, had swallowed whole.
Yup. The DC Corruption Racket, Inc.
Tax the bejudas out of him..........
Seems to me awhile back that Apple was big in public schools.
Maybe he's cashing in because he knows he's getting booted off the board, now that his protector has passed away.
Interesting I'm saying, that's all, just interesting.
Al says: “Being a POTUS is for suckers, I’ve got more moolah and better hookers than those Clinton parvenues!”
Algore, the great capitalist, alpha male, and sex poodle.
Options. He was given/awarded/paid 60K shares for his directorship at a price of $8 that probably fully vested recently or were about to expire.
Al to FReepers: “Hey, get off my case, I didn’t have to kill Vince Foster to get here, and my kids are my own, not Webb Hubbell’s!”
One can make a good living as a climate huckster these days ...whoddathunkit?
It’s a pay off. Ought to be illegal.
Maybe he thinks the economy will bust.
he invented the internet
Likely, he was on their board at some point back right after he was VP and on the take. They gave him options to buy stock at that price as payola..
Now he’ll be able to make get started on that 100,000 s.f. addition to his garage.
Considering that this is a conservative website, the number of folks going around bellowing socialist the socialist point of view on this thread is staggering.
Gore obviously has been holding some options for decades and finally exercised them. What is there about this that makes it newsworthy? He didn’t add a dime to his net worth - the options were valuable before he exercised them. He didn’t do anything illegal or stupid (this time).
There has been a lot of talk lately about “low-information” voters. On this thread we have seen a lot of “low information” posters. I hope our conservative voting is not as “low information” as some of the stuff I have been reading here.
“...apparently Gore is trying to raise money and/or knows something that the general public/markets dont know (insider trading?).”
From a financial perspective and as an ‘insider’, it only makes sense to exercise options like this if you know the stock is about to take a pounding and you expect the ultimate settling price of the stock to be BELOW the option price.
If you expect the stock to rise, you’d more likely leave the option dormant, as there is no reason to exercise, unless there is some major tax implication. Since he didn’t do this prior to January 1st, it’s not likely a tax concern.
Some options are granted with expiration dates. That may be a contributing factor.
It used to be that options grants to directors were reported to the SEC in regular filings. Might be worth taking a look to see what information is filed, relative to Apple stock option grants to directors. That might shed some light on this.
On the other hand, though he is a hypocrite of the first order, it’s not wrong to give him a hat tip and a “Good on ‘ys” for making out like a fat rat at the banquet of the wealthy. With the same breath, though, it’s required to tell him to go away and leave the rest of us alone.
Isn't this a lie? Wasn't the whole point it was late December? So that he could avoid Obama's tax increases?