The Sound of Someone Else Getting Rich
I was IM-ing my coworker this afternoon after coming home from the office early and she began telling me about hearing the visitor in the next cube talking with his stockbroker. A little background first: Our company went public in the last few years and the IPO came out around $10 (I’m using fake but relevant numbers for the math). In the last few months, the stock has been doing well and has tripled since the IPO.
So, the “man from Alabama”, who appeared to be in his 30s, apparently bought at least 24,000 shares of the IPO at $10 way back then, and decided to sell those 24,000 shares today, within earshot of my coworker. She could hear every word over the phone as well due to the speaker volume.
The guy had his wife/fiance/mistress on another phone while trying to make the sell. He put a limit at $30 (again, fake number, but it was a real $20 profit per share) and in the span of just a few minutes made a $480,000 profit (minus applicable taxes and commissions). My coworker melted as she only had the foresight to buy 3000 shares at IPO. I on the other hand, didn’t buy any. Boo me!
As the call concluded, my coworker heard the female loudly say “I LOVE YOU BABY!”. Well I would love him too if he just made enough to pay off our house, all our debt and have enough left over for a nice vacation, savings and other investments.