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Originally Posted by DrinkingHARDER
January 12, 2006 -- Shock jock Howard Stern and his agent lost more than $1 million yesterday after disclosing they may dump 34.4 million shares in Sirius Satellite Radio. Sirius, Stern's new home, said in a regulatory filing yesterday that Stern and Don Buchwald, his agent, are now free to sell their stock, which is worth close to $200 million.
The news sent shares in Sirius tumbling nearly 6 percent ? shaving off more than $1 million from the value of Stern and Buchwald's holdings.
Last week Sirius said the pair would receive the stock after Sirius met certain subscriber targets...
http://www.nypost.com/business/60186.htm
DH |
Imagine owning $200,000,000 worth of stock in one company? Most people would be shitting bricks, because he loses huge amounts of money with even tiniest fluctuations. He'd be smart to sell it and put a big chunk of that cash into a more diverse portfolio.