He spent 42 million on shorting MGM Shares! The CEO even sold most of his shares, why would you sell your shares of your OWN COMPANY?
On Tuesday, September 5th, 2017, the board of MGM Resorts International decided to approve a $1 billion share repurchase program. At $17.7 billion today, the program represented a significant portion of its current market cap. By the end of the week, MGM’s CEO, James Murren, had coolly divested himself of 80% of the shares he owned in his company. The divestment came just days before the ex-dividend date on September 8th, 2017. The sales were originally disclosed in a document filed with the Securities and Exchange Commission (SEC). Murren had previously divested 57,269 shares on July 31st and August 9th, 2017. It’s currently unclear why Murren chose to sell when he did. To date, MGM’s stock has not experienced a significant decline in value due to the repurchasing program. It could be interpreted to run against the company’s interests for the CEO to convey a sense of urgency in the selling of his shares by disposing of them immediately after the commencement of his company’s share repurchase program. It’s also strange that the CEO of a company would sell more than half of their stake (let alone 80%) in the company that they represented. Mr. Murren and his fellow board members were not the only speculators who were bearish on MGM’s prospects. Billionaire investor George Soros also bought $42 million worth of puts on the company, according to SEC filings from mid August.
https://www.youtube.com/watch?time_continue=5&v=LPnWLYIoHxc
it is called vesting. Lots of corporate employees get stock options. The stock they get is basically worthless, as they cannot sell it until after a certain date. At which point it vests. MGM might be nice stock, but you can certainly make a better return on your money if you put it in other stuff, like I don't know. Cryptocurrency?
As far as Soros. You guys are paranoid.
The facts suck don't they?
From the 5/15 Filing:
LVS (Las Vegas Sands, Sheldon Adelson's casinos) - Soros owned 5,000 shares.
WYNN (Wynn Resorts, Steve Wynn's casinos) - Soros owned 3,500 shares.
MGM - Soros held no position.
You can look it up..