Why is Mel Karmazin OFFLOADING Sirius XM Shares?
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The planned sales began in April, with that month seeing 13.7 million shares being sold over a two-day period. In May, Karmazin sold 11.48 million shares over another two days. However, June has only seen one sale until now, with 7.6 million shares being transacted on June 15. While the total sales over the three months have now gone up to 32.78 million, there are still another 27 million units left to be sold.
While some have been critical of the timing of the transactions, Karmazin is not directing the sales himself, but is conducting them through a third party to prevent the accusation that he’s selling based on inside information. Karmazin’s planned move to offload almost 60 million shares and other options he holds in the company is also said to have been based on a personal strategy for financial planning and philanthropic purposes.
The next sale, going by the pattern, should come in the middle of next month.
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