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You are here: MacNN Forums > News > Mac News > VP of Hardware Dan Riccio sells $11M in AAPL

VP of Hardware Dan Riccio sells $11M in AAPL
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Nov 16, 2012, 07:14 PM
 
The Vice President of Hardware Engineering for Apple, Dan Riccio, has sold over 20,000 shares of Apple stock he had accumulated over the years, netting the executive nearly $11 million in total, though around $525,000 of it has been set aside as a charitable donation. Including that gift, the total value of the 19,726 shares sold is approximately $10.73 million, minus any applicable taxes. Riccio replaced the formerly-retiring Bob Mansfield as head of hardware engineering, with Mansfield returning to the company to head up a new "Technologies" group.

While the total amount of AAPL Riccio held or is still holding is not known, he still has a total of 75,000 stock options which will vest over several years, allowing him to buy stock at a discounted price and hold or sell them at his discretion. At the time they were awarded, the stock options were worth a total of $50 million, but do not vest all at once. The first third of the award does not become eligible for Riccio until over a year from now, in December 2013, and the remaining thirds vest in April 2015 and August 2016, respectively. The total value of the options may increase or decrease with the company and the market's fortunes -- the value has already declined almost 25 percent from when they were originally granted. The 1,000 shares of stock Riccio donated to charity are not necessarily sold, but their current value is counted for tax reasons. The recipient charity was not named in the SEC filing. Why Riccio -- along with several other Apple executives -- have sold off modest amounts of stock in the company has not been made public, but is likely to do with avoidance of possible increases in capital gains taxes with the new Congress. Money made through stock transactions -- capital gains -- have been very lightly taxed for decades (ever since they were no longer counted as straightforward income), and most analysts foresee an increase on the rate coming as part of a deal to avoid the so-called "fiscal cliff" and to put a dent in the US' now-crippling deficit, which has been an ongoing problem over at least the past decade. Currently, the rate of tax on capital gains is 15 percent, regardless of the seller's income tax rate; in the 70s, the rate was 35 percent. Prior to 1950, capital gains were treated as income and taxed at a rate based on the total of the individual's income. While few expect a serious rise in capital gains taxes, even a 10 percent change would result in significant revenue for the government on large-volume stock trading as has become more common today.
     
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Nov 16, 2012, 09:25 PM
 
good move, time to jump ship while you can. crApple is losing traction like I've been saying for months!!
     
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Nov 17, 2012, 12:46 PM
 
You HAVE been saying that for months, and yet Apple's stock has only gone down -- along with the market generally -- in the past eight weeks.

So you're as rubbish as a stock analyst as you are a troll.
Charles Martin
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Nov 17, 2012, 02:16 PM
 
Originally Posted by chas_m View Post
You HAVE been saying that for months, and yet Apple's stock has only gone down -- along with the market generally -- in the past eight weeks.
So you're as rubbish as a stock analyst as you are a troll.
Just preparing you sir. Good day ol' Lad.
     
cgc
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Nov 17, 2012, 02:45 PM
 
Originally Posted by chas_m View Post
You HAVE been saying that for months, and yet Apple's stock has only gone down -- along with the market generally -- in the past eight weeks.
So you're as rubbish as a stock analyst as you are a troll.
You know what they say about a million monkeys typing on a million typewriters...eventually they get something right...this was blahblahbber's big score.
     
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Nov 17, 2012, 08:33 PM
 
I look forward to him warning us months ahead of time that AAPL will go up in a big way after the company announces in January that they sold record numbers of iPad minis and iPhone 5s. Oh wait, it's too late for him to warn us months in advance.

Like I said, anyone who looks to this guy for stock advice will be working a minimum-wage job delivering pizza (probably Papa John's) and living at home like he does.
Charles Martin
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Nov 17, 2012, 09:16 PM
 
Originally Posted by chas_m View Post
I look forward to him warning us months ahead of time that AAPL will go up in a big way after the company announces in January that they sold record numbers of iPad minis and iPhone 5s. Oh wait, it's too late for him to warn us months in advance.
Like I said, anyone who looks to this guy for stock advice will be working a minimum-wage job delivering pizza (probably Papa John's) and living at home like he does.
Yeah, as if the stock price is dependent on how tech geeks feel about how Apple is generally doing these days.
     
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Nov 18, 2012, 04:20 AM
 
y'know who isn't doing so well though? Dell! they oughta sell it off and give the money back to the shareholders! lol! Karma is such a b!tch!
     
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Nov 18, 2012, 05:49 AM
 
90% income taxes in 1952?? What the hell??
     
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Dec 3, 2012, 08:20 PM
 
Originally Posted by FireWire View Post
90% income taxes in 1952?? What the hell??
Uh, no.

It's true that at one point the tax on *capital gains* (profitable sales of stock) for people in the highest income brackets was 90 percent, but that's not the same thing as "90 percent income tax." It was (up to) 90 percent tax on SOME of the profits gained (above a certain amount).

Interestingly, the 1950s were a boom time for the American economy, with millions of jobs being created as soldiers returned home from World War II. America's biggest industries -- housing construction, steel, cars, etc. -- had banner periods, and the stock market (the area hardest hit by this 90 percent capital gains tax rate) doubled over the course of the decade. Average INCOME tax rates on the top 0.01 percent -- the wealthiest of the wealthy -- fell from 50 percent to 40 percent gradually over the course of the 1950s.

Bottom line: there is zero historical proof that lowering tax rates for the wealthy has any positive effect on the overall economy.
Charles Martin
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Dec 29, 2012, 03:56 PM
 
Originally Posted by chas_m View Post
I look forward to him warning us months ahead of time that AAPL will go up in a big way after the company announces in January that they sold record numbers of iPad minis and iPhone 5s. Oh wait, it's too late for him to warn us months in advance.
Like I said, anyone who looks to this guy for stock advice will be working a minimum-wage job delivering pizza (probably Papa John's) and living at home like he does.
as opposed to what, living in the street?? Making little sense...
     
cgc
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Dec 30, 2012, 05:37 AM
 
This is probably to avoid the anticipated increase in capital gains taxes from 15% to 20% in 2013.
     
   
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