Intel (INTC) Stock: The CEO Spent $10M and Is Already Underwater
TLDR
- Intel CEO Lip-Bu Tan bought 105,263 shares at $95 each on August 11, totalling roughly $10 million through a family trust.
- Intel’s stock has since fallen below $95, with INTC opening at $89.51 on September 1.
- Intel raised around $23 billion through a massive equity offering of 242.1 million shares, priced at $95 each.
- Institutional ownership stands at 64.53%, with Korea Investment Corp buying 3.1 million shares worth $434.8 million in Q2.
- Analysts hold an average “Hold” rating on INTC with a price target of $107.46, citing foundry execution risks and competition from AMD and Nvidia.
Intel CEO Lip-Bu Tan bought almost $10 million worth of Intel stock on August 11, purchasing 105,263 shares at $95 each through a family trust. Since then, the stock has slipped below that price, opening at $89.51 on September 1.
The $95 purchase price was no coincidence. That was the same price Intel used for its massive equity offering, which was upsized to $20 billion on August 10. With underwriters exercising their full option, the total deal came to roughly 242.1 million shares and about $23 billion in gross proceeds.
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