No one tell former Vice President Al Gore that it’s a bad time to buy AAPL. He just exercised a big chunk of his Apple stock options, walking off with $29 million worth of shares at a steep discount.
According to a filing with the Securities and Exchange Commission, Al Gore exercised options to purchase $59,000 shares of AAPL for just pennies on the dollar.
Right now, at APPL’s current stock price of just $498.52 (down from a $700 high last year), those shares would cost around $29 million. Al Gore, however, got them for just $7.475 a share, or around $441,000 for the whole bundle.
Quite the steep discount, but Al Gore, a longtime board member of Apple, Inc. is entitled. With Apple’s earnings set to be reported next week, Gore’s move might prove a canny one. Apple’s stock is perceived by many right now as being chronically undervalued by Wall Street. Moreover, Apple share price tends to plummet before earnings announcements, only to rise afterwards.