This wouldn’t seem so strange if the CEO hadn’t just dumped 40 percent of his shares. But over the past few days, Live Nation’s EVP and Chief Financial Officer — ie, the one closest to the books — has started cashing out as well.
According to papers recently filed with the Securities & Exchange Commission (SEC), CFO Kathleen Willard has just cashed nearly $900,000 in LYV stock, despite a share price that keeps falling.
Or, maybe because the share price keeps falling: Willard relieved her portfolio of 50,000 shares at the slightly-depressed $17.26. The result was a handsome, $864,000 payout.
The question is whether this is all obvious writing on the wall, and time for everyone else to jump ship as well. CEO Michael Rapino, arguably closest to the company and its prospects, undoubtedly thought very carefully about when to shed nearly half his stock holdings. Others, including board members Ari Emanuel and Mark Shapiro, also executed sizable sales in recent weeks.
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