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A little story that many in the MSM missed was the fact that Gore bought $29 million worth of Apple stock a week or so ago. Being on Apple's board of directors, Gore only paid $7.50 per share, a far cry from the then going rate of $500 a share. Is it a good time to invest in Apple? Consider this: Gore bought 60,000 shares of Apple stock in 2008 when it was valued at $124 for the same price. This was just before major announcements from Apple, which shot it's stock up to nearly $800 a share in 2012. Methinks a call to my broker may be prudent.
Gore this week bought roughly $29 million worth of Apple Inc. (NASDAQ:AAPL) stock for pennies on the dollar, making him even richer than ever.
A U.S. Securities and Exchange Commission Form 4 filed on Thursday shows Gore exercised his option as an Apple director to purchase 59,000 shares of the company for $7.475 a stub on Tuesday. Apple closed at $500 per share on Friday. This means Gore paid $441,025 for stock now worth $29.5 million. Sure beats government work.
This isn’t the first time Gore has exercised his option to buy Apple stock at bargain-basement prices, and it most likely won’t be the last. The Next Web reported that Gore purchased 60,000 shares of the company for the same price in 2008. At that time, Apple was trading for about $124 per share.