To be clearer, Sievert sold these shares right near T-Mobile‘s all-time high of $273.40. The executive pocketed approximately $12 million from the sale of his stock which garnered prices ranging from $263.98 to $269.67. Since Mike is a T-Mobile insider, he had to file documents with the SEC which included the information related to the sale. Sievert still owns 348,813 shares of T-Mobile valued at more than $92 million.
Inside a T-Mobile store. | Image credit-T-Mobile
Apparently, it seems that selling the stock right near its all-time high was a coincidence for Sievert since he executed a Rule 10b5-1 trading plan which was adopted on November 14 of last year. This plan allows him to sell a pre-determined number of T-Mobile shares on a pre-determined date which takes away any suspicions of insider trading.
After seeing the windfall that CEO Mike Sievert pocketed this week, we doubt that T-Mobile plans to make any changes that would help its customers over shareholders. But hey, who could blame Sievert and the other executives with stock plans. They know nothing about their customers and what their needs are but they do know plenty about themselves and how much they need to make to pay their huge bills.
