Michael Rapino's second seven-figure acquisition in three years is meant to shore up confidence in the concert promotion giant.
Michael Rapino speaks during the Formula 1 Las Vegas Race 2023 announcement at the Boulevard Pool at The Cosmopolitan of Las Vegas on March 30, 2022 in Las Vegas.is once again dipping into his personal bank account to convey his financial support and commitment to the concert promotion company he’s been building since 2005.
The purchase is a bit confusing since it was part of a tax withholding effort and was technically listed as a sale of shares by Rapino rather than an acquisition. But just as , Rapino spent approximately $1 million of his own money to increase the number of Live Nation shares he held in his portfolio.Rapino made the March 2020 purchase just as the company’s share price, and most of the stock market, was being battered by fears of a deep recession due to the COVID-19 pandemic. At the time, the company was trading at $38.60 per share, down nearly 50% from weeks earlier when the stock was trading at approximately $74 per share.
Today, that $1 million Rapino invested in the company in 2020 is worth $1.8 million, with the Live Nation stock hovering around $68 to $70 per share — better than it was during the early days of the pandemic, but lower than shareholders want considering that the company enjoyed
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