Live Nation’s president and CEO, Michael Rapino, as well as several Live Nation executives, have bought up a substantial number of shares in response to their company’s coronavirus-fueled price drop.
According to SEC filings shared with Digital Music News this morning, CEO Rapino has just invested in 25,650 Live Nation shares at a price of $38.98 each, for a grand total of about $1 million.
James Kahan, who has been part of Live Nation’s board of directors since 2007, nabbed 2,600 shares for $42.96 apiece. (600 of these shares have been placed in a trust for his children.) Lastly, Michael Rowles, Live Nation’s executive vice president and general counsel, zeroed in on 2,650 shares at a per-share price of $37.57, for a sum of nearly $100,000.
The strategic investments arrived at a very trying time for Live Nation, which has seen its stock value plummet from somewhere around $74 to a low of nearly $30 in the wake of the coronavirus (COVID-19) pandemic. Incidentally, Dallas Mavericks owner Mark Cuban revealed that he too added Live Nation to his portfolio following the mass selloff and price drop.
Yesterday, it was announced that Live Nation will indefinitely postpone its concerts and music festivals through at least this month’s end, before evaluating the coronavirus situation and the recommendations of health officials.
The additional financial backing of Live Nation higher-ups, in coordination with an imminent stimulus plan from the federal government, produced something of an uptick in Live Nation’s stock price.
At the time of this piece’s writing, the per-share value of the company’s stock had hiked to almost $41, up approximately 15 percent from yesterday’s close of $36.21.
American government officials indicated this morning that largescale COVID-19 testing—that is, at-home test kits available for over-the-counter purchase—will be distributed across the United States in the next couple weeks. Expanded testing options have already rolled out in several U.S. cities, and others yet are prepping to issue many COVID-19 tests on a daily basis. For instance, New Rochelle, New York, opened a drive-through coronavirus testing center today.
Additionally, the Boston Marathon has been postponed, the English Premier League’s matches have been delayed until at least April 4th, and Nepal has indefinitely closed Mount Everest and its other well-known mountain ranges to the public.
In terms of new infections, Alaska and Maine reported their first COVID-19 cases overnight, and more than 125,000 diagnoses have been confirmed around the globe.