Al Gore’s Apple stock purchase leads to criticism

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Al Gore's Apple stock purchase leads to criticism
FILE - In this Friday, July 20, 2012 file photo, workers clean the rooftop of a building near an Apple Store in Shanghai, China. Apple was one of the star performers of the first quarter of 2012 and was probably the year's most talked-about company. Apple also announced a dividend and overtook Exxon Mobil as the United States' most valuable company. Investor optimism faded though and prompted a sell-off. (AP Photo/Eugene Hoshiko, File)

“Al Gore purchased 60,000 shares of Apple’s stocks at a reduced price of $7.48 per share. Apple’s actual stock price is currently $500 a share. He is reported to have spent $445,000 on a purchase that was actually worth $29.75 million. As a director on the board of Apple, Al Gore’s actions are legal and have been filed with the Securities and Exchanges Commission.

“The purchase of Apple’s stocks by Al Gore is being heavily criticized. Gore recently sold his network Current TV to Al Jazeera for $100 million, so many suspect the purchase was at least partially funded by this sale. This may not be true, and Al Gore’s real motivation may have been to bolster Apple’s falling stock as competition continues to eat away at its share of the market.

“Few have been aware of Al Gore’s participation in Apple’s board of directors. He allegedly attended several meetings a year, but his involvement was not something noticed by most media outlets. Reports have surfaced that claim he was actually very involved in Apple’s board and was close to Steve Jobs. This was also not the first time that he exercised the option to purchase stock. In 2008, he made several purchases, and he still has the option of buying more. The $7.48 price per share may seem low compared to the current number, but this was the level at the time Al Gore joined the board in 2003.

“Al Gore seems to care little about the criticism his stock purchase has created. Instead, in an article on the Huffington Post this week, he is back to lobbying for environmental causes. Gore laments the end of the environmental desk at the New York Times, and the end for talented reporters. He continues to post similar issues on his personal blog and documents various causes related to the environment.

“Although it is common for board members to purchase stocks, some of the criticism aimed at Gore is still coming from the sale of Current TV to Al Jazeera. Accused of selling out, Gore has stood by the decision while getting $100 million from the deal. The stock purchase simply adds to the long list of faults that many have found in the former vice president. He has been accused of being a hypocrite who promotes green energy while living in a mansion and using private jets frequently. He has also been accused of deliberately exaggerating global warming threats to make money.



 

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