Life has been good for former Vice President Al Gore. In addition to the $100 million he bagged by selling his cable network Current TV just before the end of 2012, he could make a pretty penny by selling some Apple stock he just acquired – as in $30 million.
On Tuesday, Gore exercised an option to buy 59,000 shares of Apple stock at a measly $7.475 a share, which cost him about $441,000, according to a
Securities and Exchanges Commission report filed Friday.
Apple's current common share price hovers around $500, which means Gore's acquisition was instantly worth $29.75 million. A crucial 2012 earnings report next week could determine whether Gore sells the stock.
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Gore could have easily financed the Apple stock purchase at current market price. Since selling Current TV to Al Jazeera, the Qatar-based news organization, for $500 million increased, his 20 percent stake in the deal boosts his net worth to almost $300 million.
Gore is a board director for Apple. When he joined the Apple board in 2003, he was awarded 30,000 options at $14.95 a share. Gore bought Apple stock at that price twice before, in January and March of 2008, according to The Next Web.
This week, Apple shares reached their lowest point since February 2012. Shareholders have been pressured to sell because investors doubt Apple's competitive edge and innovative streak will hold out for much longer.
Gore took a lot of heat for selling Current TV to Al Jazeera. Some saw the news network as hyper-critical about the U.S. invasions of Iraq and Afghanistan. Others said Gore was a hypocrite for selling to wealthy Arab families who profit from oil.
Gore has long advocated for sustainable energy to help curb climate change.
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