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Albert Bourla took advantage of Pfizer’s surge to sell more than half of its shares. The million dollar deal was probably legal, but it still causes redheads.
Pfizer CEO Albert Bourla sold 62% of his Pfizer stock, just below the interim high of $ 41.99 per share.
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The block of shares was valued at $ 5.6 million when it was sold.
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Pfizer said the shares were sold through an automated system when they crossed a certain price threshold. This plan had already been worked out in August.
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Albert Bourla sold 62 percent of his Pfizer stock last Monday.
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The sale was automated and therefore probably legal.
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However, the sale on social media is fueling doubts about the vaccine’s effectiveness.
There was great cheer when Pfizer and Biontech companies announced the positive data from the study on Monday. More than 90 percent of the vaccination is expected to offer protection against the corona virus. It is speculated that explicit approval may still be given in November. The economy was also cheering, the Dow Jones jumped 4% and the stock prices of the companies involved began to rise. Pfizer’s stock price rose 15% at times, then flattened out again.
Albert Bourla sells millions of packages
Albert Bourla used this brief surge for a million dollar business. As “Welt” reports, Pfizer’s CEO sold 62% of his stake in Pfizer. He managed to sell just below the interim high of $ 41.99 per share. The starting point was $ 36.40. The block of shares was valued at $ 5.6 million when it was sold.
Pfizer said the shares were sold through an automated system when they crossed a certain price threshold. This plan had already been worked out in August.
The action was legal – there is still criticism
So Bourla’s business is legal. With the so-called “Predetermined Trading Plan” used by Bourla, also called Rule 10b5-1, insiders can also sell a certain number of shares. If you plan ahead well in advance.
Pfizer’s CEO had yet to accept the criticism on social media. “Although the sale was automated, it raised suspicion that vaccination was not all that the market had hoped for on Monday,” writes one user.
“Just as important as developing a vaccine is distributing it around the world,” Bourla wrote on Twitter yesterday. To which a user replies: “And it is equally important that you get all the money from the exchange. Planned and agreed. “
Bourla has not yet commented on the sale of its shares. But this week he had to defend himself from other charges. US President Trump complained about the timing of Pfizer and Biontech’s announcement of positive vaccine data. He accused the FDA and Democrats of announcing dates after the election in order to hurt him in the process.
Pfizer chief Albert Bourla has denied allegations that timing had nothing to do with politics. He only received the data on Sunday afternoon, he told CNN. Biontech, based in Mainz, and its partner Pfizer are the first companies in the world to have successfully submitted study data with a corona vaccine, which is critical for approval.
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