Steve Jobs dumps 45% of his Apple stock ($295 million)

[Bush_Eats_Beef]

Jobs dumps Apple stock
Vested? Sell!
By Andrew Orlowski in San Francisco
Published Friday 24th March 2006 23:07 GMT

http://www.theregister.co.uk/2006/03/24/jobs_apple_stock/

In brief Apple Computer founder and CEO Steve Jobs sold 45 per cent of his Apple stock this week. Jobs sold 4.57m shares at a price of $64.66, netting him a cool $295m.

Jobs was granted the 10m shares in 2003, but they didn't vest until now.

Jobs retains 120,000 vested stocks that were granted in 1997. Last year, Jobs earned $1 salary from Apple.

Earlier this month Forbes magazine put Jobs' net wealth at $4.4bn, after the sale of Pixar, in which he was the majority shareholder, to Disney. That's someway behind the colored ball boys of Google, Brin and Page, who are worth around $12.8bn a piece, and Jobs' pal Larry Ellison who's worth $16bn.

[Redstone]

1. If your post is intended to be hostile to Steve Jobs...

fine with me. I don't think much of him.

Redstone

[Bush_Eats_Beef]

3. Since I copied and pasted the article without comment...

EXPLAIN to me how it's "intended to be hostile to Steve Jobs."

I'm waiting.

Since I added NO commentary, EXPLAIN IT.

[Redstone]

4. Whoa. Why are you getting so worked up?

Calm down, for Christ's sake. Re-read my post. Or not. But calm down. I was not attacking you. Jesus.

I think it's time for me to shut down the computer for the night; either people are getting awfully thin-skinned around here, or I'm not communicating very well. Could be either.

Redstone

[WhiteTara]

2. rats jumping the sinking ship?

That's a lot of pocket change.

[SharonAnn]

5. No, it's what executives do to "balance" their portfolio. It's what I

would do. And he couldn't do it before now becasue it wasn't vested, he didn't actually own it.

The whole point of stock options and vesting is to give an executive enough incentive to work to raise the stock price and enough time to do it in that he/she will stay on for a while.

Sounds like it worked pretty well.

[alfredo]

14. He might be getting ready to buy something.

[Botany]

6. Steve and me ... we be movers in the market

..... don't wanna brag but i just moved $500.00 more into my index fund.


:rofl:

[Warpy]

7. Let's hope he funds development of his OS

to be used on PCs.

His OS has always been superior. He just made the blunder of locking people into buying his overpriced hardware to run it, a serious mistake.

[bullimiami]

8. its not just the os. its the integration with the hardware and the control

that makes it work.

apple still has the most elegent hardware on the market and the best os.

[Swamp Rat]

9. yep

I have never gotten a virus or had an Apple machine break on me in over 20 years, while I have thrown away PCs like Bic lighters. :argh:

[billbuckhead]

11. The internet experience of Macs vs PC's is like Lexus vs GM

The only time I really have an internet problem on a Mac is when it somehow involves Microsoft. I've seen a dozen Windows computers at workplaces and they become quite corrupted. Mozilla seemed to work for awhile but now that has problems as well.

[Swamp Rat]

13. Same here

Blazing fast Internet, graphics, etc. with only Windoze programs that occasionally interfere.

Btw, do you use X11 and open source software? I'm looking for an alternative to GRASS, a UNIX-based GIS program. I want something a bit easier to use, if that is possible. I use ESRI products at school on their crappy PCs, which keep breaking down. The UNIX-based open source software is cool because I can also use it on both Apple and Sun computers. :)

[crispini]

10. Jobs is simply diversifying his portfolio.

Don't see how this is any kind of news at all.

[Writer]

12. Dear Steve,

I have $25K in student loans. Can you lend me a small cut of that at oh... let's say 3% interest?

Or better yet, let's establish a charity: The Writer Write-off Fund. You can give me the money then take the deduction from your taxes next year as a charitable donation. What do you say?

My number is 555-GIFT. I'll be waiting for your call!

Sincerely,

Writer.

P.S. I LOVE my ipod nano!

[discopants]

15. "net-share settlment": 4.5M shares sold for $296M to pay taxes

Jobs pays $296M in taxes on stock gift

On heels of the vesting of his 10 million share grant, Apple CEO Jobs has sold nearly half of his gift to pay Uncle Sam. According to a new report, Jobs has sold nearly 4.5 million of his shares to pay almost $300 million in taxes. AppleInsider reports that Jobs sold the shares on the same day that the shares vested to meet tax obligations on the 10 million restricted shares given to him by Apple nearly three years ago. The "net-share settlment" is used by executives to use part of their stock shares as means to pay the often large sums due on the day that a stock grant vests. Jobs sold about 4,573,553 shares at $64.66 a share to pay nearly $295.7 million in state and federal income taxes. The remaining 5,426,451 shares are worth about $325.4 million, according to the report. Apple has chosen to repurchase and retire the 4,573,553 shares from the open market to minimize the number of outstanding shares. In 2003, Apple gave Jobs the 10 million share restricted stock grant in 2003 in exchange for then worthless options--about 55 million shares on a split-adjusted basis

[gatorboy]

16. EOM

[bridgit]

17. good for him...

:thumbsup: