Intel's CEO Brian Krzanich Sells an Extraodinary Amount of Stock
Disclosure of the recent Meltdown bug, a security exploit targeting Intel processor's usage of speculative execution was released yesterday, and it's now come to light that the company was informed of the vulnerability all the way back in June: https://www.marketwatch.com/story/intel-ceo-sold-…
That's not the interesting part though. The real juicy bit is that Brian Krzanich on November 29 sold the maximum possible amount of stock while still being CEO. Intel corporate mandate bylaws state that the minimum number of shares the CEO can own is 250,000. Guess how many shares this asshole has right now? Well, look for yourself. https://www.sec.gov/Archives/edgar/data/50863/000…
Of course, as the SEC filing form for his sales state, Krzanich made his transactions under a trading plan compliant with Rule 10b5-1 pursuant to instructions adopted on... October 30, 2017. If you recall, the vulnerability had already been privately disclosed to Intel over 4 months beforehand in June. Not only does this show how little faith Krzanich actually has in his own company despite his continued public facing positive remarks of how well Intel is doing, but this is straight up blatantly illegal.
You should thank him. Now you know that it's some serious shit and should dump the stock. Inside information is good information.
Personally, I think this should warrant jail time. If Meltdown hadn't been leaked like this, Krzanich most likely would have completely gotten away with illegal insider trading.
It's great that I know to dump all my Intel stock, but what about the mass majority who don't have the time or means to gather this information? Intel is a blue chip stock, retirement fund level kind of stuff. Actions like these shouldn't be allowed because it hurts public investor confidence, and in the long run, this can have major consequences.
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