The chief executive of Disney and a member of Apple Inc.(NASDAQ:AAPL)’s board of directors, Bob Iger, recently dished out funds to buy a whopping $1 million dollars worth of shares in Apple. This move clearly indicates his bullish approach after the company’s stock experienced unexpected losses.
The news of Iger’s purchase of Apple stock with a worth of $1 million was highlighted in a filing with the U.S. Securities and Exchange Commission, according to Business Insider. The report of the purchase comes only one week after Iger exercised a million options on Disney stock, which fetched him a sum of $17.9 million.
History certainly repeats itself because Iger had bought $1 million worth of shares of Apple a year back, when the price of the stock was $375. He purchased the shares right at the time of joining Apple’s board. He was offered more than $84,000 in stock when he became a board member.
Michael Eisner, who was Iger's predecessor failed to maintain the partnership between Steve Jobs' Pixar and Disney and the two companies slowly became estranged. But Iger redoubled his efforts in repairing the relationships between the companies and his hard work bore fruits. He also worked with Jobs to include content from Disney in iTunes, at a time when other studios were hesitant to enter into an agreement with Apple.
A week back, Apple’s stock plummeted and was at a record six-month low of $527.28. There were many speculations such as concerns over a U.S. capital gains tax rate hike expected in 2013 and a dismal Q3 with only 14 million iPads being sold. Brian White of Topeka Capital Markets encouraged investors to buy in while the stock price of Apple remains low.