this post was submitted on 14 Sep 2023
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Which means he sold at the top, then bought more at the bottom so he can ride the train back up to do the same thing again.
This isn't a good thing.
It was probably part of his contract. It wasn't $40 when he sold it. As probably allowed by his contract, he sold it back to the company and bought it back for pennies. It's just compensation not some conspiracy on his individual part.
What you said doesn't make any sense. Either it wasn't $40 a share when he sold it like you said in this comment or it was $40 a share like you said in the previous comment.
It makes sense if the company had agreed to buy the shares off of him at market rates and then sell him stock back at a significant discount. Doing this would allow him to claim the money gained as capital gains rather than employment income, and it wouldn't count as insider trading if it was an arrangement made and timelines settled upon before the bullshit was planned.
It could be something like having his contract say that the company will buy back X shares when the share price hits $Y in value, for instance.