SAP supervisory board chairman Hasso Plattner took advantage of the software maker’s declining stock to make a major purchase. Earlier in the week, the co-founder of the Dax group bought newspapers totaling around € 248.5 million, according to a notice on the group’s voting rights on Tuesday. Plattner consequently bought at average prices around 101 euros.
Prior to founding partner Dietmar Hopp, Plattner is the largest single shareholder of Germany’s most valuable listed company and, according to Bloomberg, last held just under 5.9% of the shares – the package is currently worth a whopping seven billion euros. . Hopp holds a whopping five percent of the shares.
The SAP share fell more than a fifth to € 97.50 on Monday due to a strategic shift by CEO Christian Klein, returning to the level of early April, when newspapers were just recovering from the collapse of Corona. This was the newspaper’s highest daily loss since the 1990s, a stock market value of around € 33 billion vanished into thin air.
On Tuesday, SAP shares turned positive following the news of Plattner’s mass buy and were more recently traded with a plus 2.4 percent at the top of the Dax.
Klein and CFO Luka Mucic also bought the shares on Monday, albeit on a much smaller scale for a good € 102,000 and a good € 75,000.
The Dax as a whole is having a hard time on Tuesday following a weak start to the week due to the SAP crash. The leading index fell in the first trading hour by 0.10 percent to 12,164 points.
On Monday, SAP caught many investors on the wrong foot with the new forecast, market expert Andreas Lipkow of Comdirect Bank said. “Until now, tech companies in particular have been seen as a safe bet for investors. Now the grain from the chaff seems to be separating here.” Lipkow sees the Dax counted for the moment.