Fox Corp. executive chairman Rupert Murdoch bought shares in the company worth $21.2 million about a week after buying a similar amount “in error” and then quickly selling it again. Acc…
bought shares in the company worth $21.2 million about a week after buying a similar amount “in error” and then quickly selling it again.
According to the latest in a series of SEC filings, the company disclosed on Friday that Murdoch bought 600,000 shares in Fox Corp., which finished the week at $34.96. The purchase price of Murdoch’s shares was $35.29. On June 5, 6 and 7, according to a different filing, Murdoch had bought the same number of shares for an average of $34.27. But the SEC document explained that the shares were “purchased in error, which purchase has been deemed inadvertent and the subject shares were promptly sold.” The sale price was $34.04.
While a host of Wall Street traders routinely make money through rapid buying and selling, that wasn’t the objective of Fox’s 88-year-old paterfamilias, the filing explained. “Any short swing profit resulting from the erroneous purchase and subsequent sale will be returned to the issuer,” it said.Many Wall Street analysts have maintained that Fox stock is undervalued.
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