A portion of former vice president Al Gore’s cut of the sale from Al Jazeera’s acquisition of cable channel Current.tv is going into Apple shares, according to an SEC filing released today.
The document reveals that Gore purchased 59,000 shares of Apple stock at $7.475 apiece (or about $441,000). That’s a heck of a deal, considering that Apple stock is currently trading at around $500, making Gore’s new stake worth roughly $29.5 million.
The move suggests that not only is Apple a safer investment than trying to launch a fledgling cable news channel, but it also that the path to societal change comes through technology, rather than the news media. (Years ago I attended an event where Gore moderated a discussion between Wikipedia founder Jimmy Wales and former Wikipedia-hater, seasoned journalist John Seigenthaler Sr. The three men basically came to the conclusion that people need tools to keep the public informed.)
Current launched in 2005 as an Internet user-curated progressive news channel. Originally, the network tried to integrate functionality of community news sharing site Digg with traditional television programming. Current was suppose to be the future of how cable channels interacted with their audiences.
The first time Gore exercised his option to buy Apple shares at this price was in 2008. At the time, he only purchased 1,000 shares, leaving the remaining shares to be purchased today.