Kotick Sells More Activision Shares, Gains $17 Million
As Activision announces a $550 million five-day gross
for Call of Duty: Modern Warfare 2
, CEO Bobby Kotick is again exercising his stock options, selling 1.68 million shares for a total of about $17 million.
This is the second time in recent days Kotick has sold shares; last week, he netted himself $20 million
on the day of Modern Warfare 2
A large quantity of stock vested for the CEO in 2000, when the options were valued at the comparatively meager price of $1.035 per share -- Kotick sold this latest round for prices ranging from from $11.61 to $11.72 per share, according to an SEC filing.
This August, when Activision was trading slightly higher, at $12.44, Kotick sold a volume of 2 million shares and brought in nearly $25 million gross.
Activision shares (NASDAQ: ATVI) rose slightly this morning to $11.78, alongside the company's announcement of Modern Warfare 2
's five-day sales achievement -- although Kotick said at the same time that the company's still cautious about consumer spending heading into the holidays.