T-Mobile CEO Mike Sievert sells $12 million of T-Mobile stock near the all-time high but it's all very legal
Earlier Thursday morning we told you about a very successful T-Mobile rep who complained that the carrier's focus has been on stockholder value instead of on its customers. This change in focus may have resulted in T-Mobile reps, fearful of losing their jobs, doing anything to meet their performance goals even if it means charging T-Mobile customers for accessories, cases, insurance, chargers, or new lines that they didn't ask for.
Current and past T-Mobile reps I spoke with agree that the change in focus from consumers to stockholders came after former CEO John Legere left after the acquisition of Sprint closed on April 1st, 2020. The man who turned T-Mobile into the most innovative and fastest growing carrier was replaced as CEO by his right-hand man Mike Sievert. A new report published today reveals that Sievert just did something that most investors can only dream of doing. He sold 45,000 shares of T-Mobile stock near the 52-week high.
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.
T-Mobile's shares closed Thursday at $264.17. The 52-week high, as noted, is $273.40 which was hit last Monday. The 52-week low is $158.84. The company's valuation is $302.4 billion compared to Verizon's $182.2 billion, and AT&T's $193.03 billion.
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.
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