Michael Rapino Signals Confidence By Purchasing $1 Million In LYV Stock

Michael Rapino
– Michael Rapino

As Live Nation and other promoters announced a “pause” in major concert tours and as the company’s share price plummets, President and CEO Michael Rapino displayed his confidence in the future of his company by purchasing about $1 million in LYV stock, according to a March 12 Securities and Exchange Commission filing.

Rapino bought 25,650 shares, buying low at $38.98 per. He was joined by Live Nation directors James Kahan (2,000 shares at $42.96) and Michael Rowles (2,650 shares at $37.57), in what they all hope is a smart buy when the stock market recovers.
The markets took a beating Thursday, as did Live Nation as the global COVID-19 crisis takes direct aim at mass gatherings and live entertainment. Live Nation has lost more than 50% of its share price and market cap since Feb. 19, when LYV traded at $76.08. It closed trading yesterday at $36.20.
LYV rebounded in trading March 13,  closing the day at $42.85. 
Rapino shared the news of his investment on Twitter.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>I took the opportunity to invest in <a href=”https://twitter.com/LiveNation?ref_src=twsrc%5Etfw”>@livenation</a> in order to demonstrate just how confident I am in the artist and their desire to get on the road for their fans when timing is right. <a href=”https://twitter.com/hashtag/roadwarriors?src=hash&amp;ref_src=twsrc%5Etfw”>#roadwarriors</a> <a href=”https://t.co/4q9gxeYGSY”>https://t.co/4q9gxeYGSY</a> <a href=”https://t.co/VHWpdigLK0″>https://t.co/VHWpdigLK0</a></p>&mdash; Michael Rapino (@Michael_Rapino) <a href=”https://twitter.com/Michael_Rapino/status/1238535974436495362?ref_src=twsrc%5Etfw”>March 13, 2020</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>