For Over $6.5 Million.
In a move that is sure to inspire a lot of confidence, the Executive Chairman of Gamestop,Daniel DeMatteo, has sold 150,000 of his shares for a massive, massive payout: $6.5 million.
As a matter of fact, he wasn’t the only one who sold his shares (or at least a part of them)- a whole lot of GameStop executives (at least higher level ones), seem to have sold theirs. Here’s the full breakdown, courtesy of Gamespot (a site that, despite the confusing resemblance in names, has absolutely nothing to do with GameStop):
Daniel DeMatteo (GameStop executive chairman) — Sold 150,000 shares at $43.6306, netting himself $6,544,590. After the sale, he retains 230,953 shares.
Steven Koonin (GameStop director) — Sold 1,800 shares at $43.6327, netting himself $78,538.86. After the sale, he retains 17,820 shares.
Robert Lloyd (GameStop CFO) — Sold 20,000 shares at $43.6342, netting himself $872,684. After the sale, he retains 221,040 shares.
Michael Mauler (GameStop VP of International) — Sold 24,070 shares at $43.6279, netting himself $1,050,123.55. After the sale he retains 167,503 shares.
Now, jokes aside, I also do want to point out that them selling their shares isn’t in and of itself indicative of anything (as tempted as I am to shout ‘Abandon Ship!’). Lots of company executives trade in their stock when the company is doing well at the stock market, and right now, GameStop certainly is.