Apple's Jobs Buys 120,000 Shares in Options Exercise

From Bloomberg
Apple Inc. Chief Executive Officer Steve Jobs, who received $1 in salary last year, may have made a potential profit of $13.7 million by exercising options to buy shares.

He bought 120,000 shares for about $5.75 apiece this week, according to a regulatory filing yesterday. Cupertino, California-based Apple gave Jobs the options under a 1997 plan for directors, according to an April filing. Jobs hasn't sold the shares and has no plans to do so at this time, Apple said.

Jobs now owns 5.55 million Apple shares, worth about $665 million, based on yesterday's closing price. His options on the 120,000 shares would have expired Aug. 14.

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