TURIN – The two top executives at Fiat scooped up a combined 263,000 shares of company stock ahead of the Milan Stock Exchange’s closing today.
Fiat Chairman John Elkann purchased 133,000 shares at €7.5565 ($10.483) per share, while CEO Sergio Marchionne acquired 130,000 shares at a price of €7.573 ($10.492) per share.
It’s unclear whether the two officials were taking advantage of the double-digit drop in share price after Fiat Chrysler Automobiles unveiled its 5-year strategy on Tuesday or if it was an attempt to prop up the stock’s value.
If it was the latter, it didn’t work, at least for today. Fiat’s shares closed at €7.44 ($10.308), down 0.53%, despite an overall market up more than 2%.