Gore: A Study In Crony Capitalism, Office-Profitting, And Rapacity
Al Gore Nets Another Fortune Buying Apple Stock
18 Jan 2013
By: Javier E. David | Special to CNBC.com
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 stock on the cheap.
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.
The vice president's purchase comes at a time when the tech giant's shares have been under massive selling pressure, as investors doubt its ability to ward off competitive pressures and maintain its reputation for innovative products.
This week, the stock hit its lowest level since Feburary 2012, just ahead of what analysts say will be a pivotal earnings report next week.
Posted on 01/18/2013 1:34 PM by Hugh Fitzgerald