Apple Exec/Board Member Sell Shares
08.07.07 - 04:31pm
On Tuesday July 31st, Apple’s stock took a nose dive on rumors that iPhone orders had been cut in half. The stock dropped 10 percent.
The day before two of Apple’s top members of it’s board of directors cashed in on investors confidence of Apples continued success to the tune of a combined $30 million.
Chief Financial Officer, Peter Oppenheimer, sold 135,625 shares of stock at a value of $144.28 each netting roughly $19.6 million for the exec.
Bill Campbell, member of Apple’s board of directors, also netted a great profit selling 77,051 shares spread out over the day for varying prices netting him approximately $10.7 million in profits after a $6 stock option fee was subtracted from each share.
The sale of the shares appears to be strictly a money making maneuver for the two and considering the timing, a smart one at that.
Apple has still to fully recover from the rumors with the stock currently at $135.77. At the time of the rumors it had leaped up to highs in the $150’s just days before the rumor fell.
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