Pharma giant Pfizer’s stock price soared as much as 15 percent on 9 November on news that it and German partner BioNTech had created a COVID virus vaccine that is more than 90 percent effective.
The happy news prompted Pfizer CEO Albert Bourla to sell 132,508 shares of the company’s stock he owns at a price of $41.94 each, reaping a windfall profit of more than $5.5 million.
The sale was permitted under Bourla’s 10b5-1 plan, which allows executives to sell personally held shares within a specified time frame and price range, the company said in a statement.
The 10b5-1 arrangement allows corporate leaders to profit from their shares without facing charges of trading on information not available to the public.
After the sale, Bourla owns stock worth about nine times his annual salary, the company said. No figures were specified for either.
TRENDPOST: We note this to further detail the gap between the one percent and the rest of society and to reiterate the observation made by the late, great comedian George Carlin: “It’s a big club, and you ain’t in it.”
