Electronic Arts CEO John Riccitiello must be a very confident man, despite his company suffering an alleged $310 million dollar loss. The silver-haired Lothario has just plonked down $1 million to purchase EA stock.
42,500 shares have just been bought by the CEO, a move which follows the revelation that massive layoffs had been instigated within the company. Riccitiello remains clear that "the sky isn't falling" on EA, but that the publisher is attempting to safeguard itself against the recession and manage its costs.
While this seems like a huge purchase on Riccitiello's part, remember that Electronic Arts stock has recently dropped to its lowest price in eight years -- a mere $24.50 . This means that he is, in fact, a cheap bastard. At less than twenty five bucks a pop though, I'm tempted to buy a share myself, just for a laugh.
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Contest:
8:45 AM on 11.05.2008
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Sounds to me like Johnny boy is cementing himself on the board of directors as he runs the company into the ground. The shareholders are going to have a hard time voting in a new CEO if JR is a major shareholder himself.
With any luck this will just mean the continuation of a downward spiral till the company simply ceases to exist and JR is in possession of $2M worth of worthless paper.
Come on brit, have a cigar and play on wall street.
Investors are definitely pissed at EA for blowing the Take-2 deal and underperforming as of late. Sounds like a defensive move against a board coup de etat.
Where's Maxvest? He's good at this stuff.
Now if the go again after t2, without the GTA thingie coming out and with stocks droping... well, i dont know exactly were does EA stands financially and what weapons does it have in a dire cash situation but they could take over t2 for the cheap.
You'd get nothing. I'm pretty sure EA doesn't pay dividends so your only hope for profits is to see a rise in the stock price and then sell.