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Anyone who's in the stock market in a big way -- and that's a tiny share of Americans -- has done well this year. But few have made out like CEOs who got stock grants earlier in the year.
Some CEOs are *already* sitting on tens of millions of dollars of paper gains on these grants. And in some cases, these grants were set up to soar in value if the market recovered.
Take Edward Stack of Dick's Sporting Goods. This year, when the company's stock was at a low, he got 355% more options than in 2019 and 142% more restricted shares.
So, as the stock rallied after March, his 2020 award was spring-loaded to balloon in value. Mr. Stack, who already owns a big stake in Dick's, is sitting on over $60 million of gains on those awards. (That's 4x the value of the stock he got in 2019.)
And many other CEOs have made large gains this year.
True, we already knew that it is very easy to get very rich as a CEO. But what's dark is that it got even easier when times have been so hard. Here's the piece: https://www.nytimes.com/2020/10/08/business/executive-stock-awards-coronavirus.html
True, we already knew that it is very easy to get very rich as a CEO. But what's dark is that it got even easier when times have been so hard. Here's the piece: https://www.nytimes.com/2020/10/08/business/executive-stock-awards-coronavirus.html
PS: Read the article for a tweak that might fix things.
