updated 09:40 am EST, Thu January 31, 2008
Gore buys Apple stock
Al Gore has exercised his stock options to make a greater investment into Apple, reports indicate. The former US vice-president, now a member of Apple's board of directors, has used his privileged position to buy 1,000 shares in the company at a reduced rate of $7.48, offering an immediate profit potential of $124,060. Due to fluctuations in the market, the same shares were worth $131,540 by the end of Tuesday. Gore still has the opportunity to buy 59,000 more shares later on.
The purchase follows a dramatic fall in Apple's stock value within recent weeks, from a high approaching $200 to its current value, at just over $130. The decline began in earnest following the Macworld Expo in the middle of January, and was only accelerated by the release of disappointing financial results last week. Some analysts have seen this as an opportunity however, notably Steve Hach of ValuEngine, who argues that Apple stock could eventually rebound to hit a price target of $300.