Intel CEO Sold More Than $47 Million in Stock in 1 Day

Intel Corp. President and Chief Executive Andrew Grove sold as much as $48.4 million of company stock in a single day last month as shares of the leading chip maker hovered around their then-record high.

Grove sold 440,000 shares, or 30% of his holdings excluding stock options, on Oct. 21 at prices from $107.13 to $110, according to Washington Service, which tracks insider sales. The sale was valued at $47.1 million to $48.4 million. Grove now holds 1.025 million shares, the Washington Service said.

Intel shares closed at $107.75 on Oct. 21, having jumped 34% in two months and capping a nine-month span in which the stock more than doubled. The stock closed at a then-record high of $112.63 three trading days before Grove sold shares.

One week before Grove’s transaction, Intel said its third-quarter net income rose 41% to $1.31 billion, or $1.48 a share, topping even the most optimistic forecasts.

A spokesman for Intel, which supplies the microprocessors that serve as the brains of 85% of the world’s computers, said Grove has actually increased his holdings by 80,000 shares after exercising options to buy 720,000 shares.

Intel spokesman Howard High said Grove transferred 200,000 shares to the Grove Foundation, a charitable organization that supplies computer equipment to disadvantaged children. He sold the remaining 440,000 shares to cover taxes on the transaction, High said.