Al Gore, the former US vice-president, has netted a $29.5 million windfall after a share package awarded to him a decade ago by the tech giant’s late founder, Steve Jobs, paid out.
According to the Daily Telegraph, Gore exercised his right to purchase 59,000 Apple shares for $7.475 dollars each. While Apple shares are at their lowest for more than a year, they are still worth about $500 each.
When Jobs agreed the deal with Gore ten years ago it was only worth $440,000. Now he has collected $29.5 million.
The deal makes Gore wealthier than defeated Presidentual candidate Mitt Romney with an estimated private wealth of $300 million.
The news that Gore is taking up the shares is probably a bad sign for Apple. The shares have hit their lowest point for a while and there are indications that they might fall further. Gore is free to sell the shares at any time. It might be that Gore wants to sell them before they settle to something a little closer than the hyped value they are have been sitting on for a while. A few months ago the shares were tipped to be $1,000 each by Christmas.
Forbes said that Gore earned the money fair and square. When he took the job advising Apple, Jobs benefited from his advice.
“Gore didn’t just show up to get paid. By all accounts, he rolled up his sleeves and dove into business strategy the way he used to geek out on the minutiae of public policy,” Igor Greenwald wrote.