Steve Jobs made a salary of $1, and left billions worth of Apple shares un-cashed. Michael Rapino, CEO of Live Nation, makes a base salary of several million (guaranteed), and just dumped $11.7 million in shares.
Apple was one of the most successful and innovative companies in the history of mankind, minting hundreds of billions in investor gains. Live Nation has lost about a billion dollars over the past seven years.
The confidence-killing cashout, finalized this week, covers some 640,000 shares of LYV, valued at roughly $18.40 apiece. Rapino now holds slightly more than a million shares in the company, nearly a 40 percent shave.
Updated: LYV shares dropped nearly 5 percent by the closing bell, the largest decrease of the year, following Rapino’s dump-off. Separately, Live Nation PR person Jacqueline Peterson says the move was motivated by Rapino’s ‘estate-planning’ needs (oddly enough, Rapino just purchased this $14.7mm ‘estate’ in Brentwood).
Update 2: Others, including board members Ari Emanuel and Mark Shapiro, are also cashing in shares (for much smaller amounts). More ahead!
The move comes immediately after the Live Nation CEO fired Ticketmaster president Nathan Hubbard, for reasons that remain mostly unclear. The latest report, issued by the New York Times, says that Hubbard is close to signing a termination agreement, and is leaving a massive Ticketmaster platform transition unfinished.