Xbox Executive Unloads Stock Prior To Warranty Extension
Xbox executive Robbie Bach unloaded $6.2 million in Microsoft stock right before the announcement of an Xbox 360 warranty extension – a move that will cost Microsoft over $1 billion. Bach hasn’t commented yet about the sale, but Microsoft’s Peter Moore said in an interview with Engadget:
“I’m not going to comment on that. That’s Robbie and that’s corporate PR. He has been a Microsoft employee for close to 18 years, he owns a tremendous amount of stock, as Microsoft employees do — or any employee of any big publicly traded company does — and he does what he needs to do to diversify his portfolio. And I think that’s the comment the company makes.”
Earlier this month Microsoft announced that they’re extending the Xbox 360 warranty to 3 years, but it only covers the “red ring of death” incidents, nothing else.