Subscribe Feed (RSS)Citigroup’s Pandit Loses $3.5 Million in 1 week
November 21st, 2008 by eyal | Filed under Companies, Investing. |
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Looks like Citi’s CEO Vikram Pandit’s recent attempt at a vote of confidence in his company and stock has led to sitting on $3.5 Million in (at least paper) losses, a drop of 50% in his recent $7 million investment (excluding options) just a few days ago.
Bloomberg.com: Pandit, Deputies Buy Citigroup Shares After Plunge
Pandit, 51, bought 750,000 common shares, paying an average of about $9.25 apiece, Citigroup said in a filing with the U.S. Securities and Exchange Commission. He also bought 100,000 preferred shares. In all, he spent about $8.4 million.
It now appears the board is “weighing options“.
Btw, I have no exposure to this stock (anymore lol), it’s just interesting to watch these historic events and processes unveiling at breakneck speed unseen before.
