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Fox Corp.'s executive chairman, Rupert Murdoch, bought shares in the company for $ 21.2 million a week after buying a similar amount "by mistake" before selling it back quickly.
According to the latest in a series of filings with the SEC, the company disclosed Friday that Murdoch had bought 600,000 shares of Fox Corp., which earned $ 34.96 a week. The purchase price of the Murdoch shares was $ 35.29.
On June 5, 6 and 7, according to a different file, Murdoch had bought the same number of shares for an average of $ 34.27. However, the SEC's document explained that the shares had been "purchased in error, the purchase was inadvertently judged and the shares were quickly sold". The sale price was $ 34.04.
While many Wall Street traders regularly earn money buying and selling fast, it was not the goal of 88-year-old Fox's paterfamilias, the document said. "Any declining profit resulting from the wrong purchase and the subsequent sale will be returned to the issuer," he said.
A representative of Fox did not immediately respond to Deadline's request for comment on Saturday.
Many Wall Street analysts have claimed that Fox's shares were undervalued. The company, which sold two-thirds of itself (under its 21st Century Fox identity) to Disney, has become a more compact and focused entity, whose main assets are Fox News, the broadcast network. Fox and a profitable channel of local television channels. . The $ 71.3 billion Disney deal, making Murdoch and his family the largest single shareholder of Disney, was finalized in March and Fox started to be used under its new stock symbol , FOX. Its shares have since lost about 12% of their value.
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