If the top guy doesn’t believe in his own company, should you?
Last month, Live Nation Entetainment CEO Michael Rapino dumped an unbelievable 40% of his available shares, at a valuation of roughly $12 million. Just a few months before that, he purchased his monstrous, $14.75 million mansion in the pricey Brentwood section of Los Angeles.
And just last week, Rapino admitted to CNBC that (a) the stock has probably hit its peak, and (b) high-end real estate is a better investment.
“We’ve always been a heavy options business, so after 8 years, I was taking some money off the table for some real estate. We wanted to make sure we were doing this when the stock was high and everyone was rewarded.”
The cashout also follows the questionable dismissal of Ticketmaster CEO Nathan Hubbard, rumored to be ego-clashing with boss Rapino (guess who won). In the interview, Rapino admitted that a massive Ticketmaster platform overhaul was just 60 percent complete.