If you’re really into investing and the stock market and all that fun, heart-wrenching stuff, then now might be a great time to buy some Apple stock if you believe Disney’s CEO Bob Iger knows what he’s doing.
On Monday, Iger bought $1 million worth of Apple shares, according to documents filed with the SEC. Along with being the CEO of Disney, Iger is also on Apple’s board of Directors. But he’s not just buying Apple stock; he’s ditching his Disney stock while he’s at it.
Iger exercised a million options on his Disney stock last week and made a cool $17.9 million. Top level executives cash in on their options all the time at Fortune 500 companies, so Iger’s moves do not mean he doesn’t have faith in Disney, but it is interesting that he picked up so much Apple stock when it was on a downward slide.
A Disney spokesperson told Bloomberg that Iger is just “diversifying his investments and still has a very large portfolio of Disney stock.” When an insider buys stock on the open market, it’s usually considered a bullish sign. Considering the fact that Apple’s stock jumped up 7% this week, we think Iger made a great move.
Source: Bloomberg
Buster Hein is a freelance writer who lives in Phoenix, Arizona. Twitter: @bst3r.
