Does anyone at the top believe in this company?
Last year, exiting Live Nation chairman Irving Azoff missed out on tens of millions of dollars after hastily dumping nearly 2 million shares of LYV (the stock has since tripled in value). But now, it turns out that the CEO himself, Michael Rapino, sacrificed roughly $3.5 million in his own hasty dump-off last year.
The costly miscalculation looks like this: in August of last year, Rapino shed 640,000 shares, or roughly 40% of his available holdings, for a handsome, near-$12 million payout. The dump-off was executed at $18.40, perhaps viewed as an unbeatable peak at the time, and a great time to cash out.
Since that point, the stock has risen to $23.89, with the potential to gain even more.
$23.89 – $18.40 = a difference of $5.49
$5.49 x 640,000 = $3,513,600.