Apple execs dump millions in Apple stock
By Leslie Poston
Using a little known loop hole that allows for pre arranged future sales of stock to avoid accusations of insider trading, key Apple executives sold off significant amounts of Apple stock recently. The bigger surprise was how little press a sell off of this magnitude received.
Normally, executives at a company selling off stock generate a major stock drop and rampant speculation on the reason behind the sale. In spite of the combined sale amounts numbering nearly $25 million dollars USD, the action got very little press. This is even more surprising considering it is Apple, media darling with a rabid following of base users.
Do the two executives who sold stock, Apple Worldwide Product Marketing Vice President Phil Schiller (profit on sale of $23,485,000 USD) and Senior Vice President of Software Engineering Bernard Serlet (profit on sale of $1,706,000) have a reason? That isn’t disclosed, but the public notice of the sale is dovetailing nicely with rumors of a 3G iPhone.
Apple stock value has gone up since the two executives sold the shares, from $170.13 to nearly $185 USD in value. Apple’s projected stock value could hit $200 USD in a few months if the current rising trend continues for the company. A 3G iPhone release would certainly push the stock up further, though that rumor is yet to be confirmed. Apple had no comment for reporters on the sales of the stock.
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