Scott Forstall and Mickey Drexler Net Millions in Apple Stock Sales

[3282868]

I hate Scott Forstall and his iOS team. Loathe. You killed the Mac!!!

(oh, c'mon, I'm kidding!)

 

[mTofu]

it's truly mind boggling how rich some people are... and what a shame I didn't have the sense to buy $9 shares 10 years ago.

 

[3282868]

it's truly mind boggling how rich some people are... and what a shame I didn't have the sense to buy $9 shares 10 years ago.

Or Intel at $75. If only time travel were possible. *le sigh*

 

[jayhawk11]

I was going to post about that too. It looks like it is taxed as ordinary income, not long term capital gains. That's some bad tax planning. He probably should have put it in his IRA/WBP over the years to at least defer the taxes.

So Apple was taxed on it, gave it to Scott, then he was taxed on it again. When the government gets 25/42 that means the owners only get .75x.68 or 51% . It is bad social policy to give the government 50% of the fruits of people's labor. It destroys capital that would otherwise go into expanding jobs either with direct investment or through savings which banks leverage into business loans and mortgage loans of benefit to real people in their real lives.

Rocketman

Pro tip: Scott Forstall ain't using his $38 million to create jobs. I can guarantee you that.

 

[firewood]

greed

So I suppose if your employer gave you this big a bonus, you would give it all to charity? Did you give 99% of your income to charity last year as well? Good for you!

Pro tip: ... ain't using his $38 million to create jobs. I can guarantee you that.

Really? That's what they said about all the millionaire's buying yachts a few years back. So they taxed them big. The next year, thousands of blue collar boat builders in the U.S. lost their jobs... jobs that you say nobody is creating.

Rumor is that there are thousands of out-of-work construction workers, interior decorators, and etc. just waiting for a mini building boom after the post facebook IPO waiting period.

 

[dysamoria]

These kids and their millions. Must be nice to be obscenely rich. I'm not at all ashamed to admit jealousy. Hard work is nothing compared to connections and good luck.

 

[Rocketman]

Pro tip: Scott Forstall ain't using his $38 million to create jobs. I can guarantee you that.

You don't think he has a maid, landscaper, car washer, and tax accountant who is failing him? I do.

 

[Mike Valmike]

The reason for selling, and for selling all of what just vested, is because they need to diversify.

And we have a winnah. Folks, this isn't really news. Forstall and Drexler are just securing some of their wealth, hedging risk.