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Riccitiello buys over $1 million worth of EA stock

CEO snaps up shares only days after confirming lay-offs at publisher

Matt Martin avatar
News by Matt Martin Contributor
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CEO of Electronic Arts John Riccitiello has bought over USD 1 million worth of stock in his own company, a SEC filing shows.

The outspoken exec bought 42,500 shares at USD 24.50 per share, costing USD 1.04 million.

Late last week EA announced plans to lay-off up to 600 employees to cut costs of around USD 50 million.

According to analyst Michael Pachter, investors in EA are losing patience with the company and selling stock, as management refuses to cater to shareholders' needs.

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Electronic Arts
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Matt Martin avatar

Matt Martin

Contributor

Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.