How to lose a quick $1.5 million

Timing is everything.

3M boss George Buckley told the Securities and Exchange Commission in a filing that he plans to sell a third of his shares in his company by the end of the year.

The filing said Buckley could sell up to 376,037 shares, worth about $32.4 million based on the stock’s Wednesday closing price of $86.18 a share, the Star Tribune reported this morning.

In the egg Wall Street laid today, 3M’s stock dropped almost 5% in value, to $82.23 a share. Buckley’s value of the shares he intends to sell dropped $1.5 million. It lost $364,000 in the last 20 minutes of trading.

He’ll probably be OK, anyway.

  • To refer back to the discussion earlier this week on the 46% of Americans who don’t pay income taxes – none of this $30.9 million from 3M stock is subject to income taxes (or payroll taxes for that matter) – just capital gains taxes.

    My point – we need serious tax reform in this country. This is just another example as to why.

  • Jamie

    Oh boo hoo for George “I’m-gonna-leave-MN-if-you-raise-my-taxes” Buckley.

    It IS an intersting tidbit, though, Bob.

  • Al

    I guess I’m not sure how it works, but if he announced he was going to sell @ $86.18, didn’t he just avoid a $1.5 MM loss?

  • Erica

    I don’t know how it works either Al, but that doesn’t sound right…he should only get the value at the time he ACTUALLY SELLS, not when he SAYS he’s going to sell.

    Maybe I misunderstood your comment.