Al Gore may have just made close to $100 million from the sale of the Current TV network, but it appears the former U.S. vice president is not done pocketing the big bucks quite yet. 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 already impressive investment could become even more so, given the fact that some analysts believe Apple's share price may rise in response to the company's release of its quarterly earnings reports on Tuesday, thus leading to even more profit for the megawealthy Gore.
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.
Eric Brown is an IBTimes political reporter who eats far too much pizza. He is a graduate of Mercer University in Macon, Georgia, and currently resides in Brooklyn.