LOS ANGELES (CelebrityAccess) — With global financial markets in disarray this week amid the spread of COVID-19 novel coronavirus, Live Nation CEO Michael Rapino managed a windfall with a substantial purchase of Live Nation stock.
On Thursday, Live Nation submitted financial filings to the SEC that indicated Rapino had purchased 25,650 in the promoter giant for $37.57 per share, a buy that was just shy of a million dollars.
The purchase followed a tumultuous week for Live Nation’s share price after the global concert business ground to halt as the United States joined other nations around the world taking drastic measures such as banning large mass public gatherings in a bid to slow the spread of COVID-19.
Over the past week, Live Nation’s share price has been pummeled, plunging from a high of almost $50 dollars on Monday to just $32 dollars at the start of trading on Thursday and down from more than a $76 dollar high after a rosy financial report in February.
However, Rapino’s buy seems prescient. At the close of trading on Friday, shares of Live Nation had jumped more than 18%, representing a gain of almost $100,000 dollars for Rapino.
All told, Rapino currently holds 2,420,129 shares of the company, worth a cool $103.7 million at the close of trading on Friday.
Several other Live Nation execs disclosed stock purchases on Thursday, including board member James Kahan, who picked up 2,600 shares, and executive vice president and general counsel Michael Knowles, who acquired 2,650 shares.