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Marchionne, Elkann buy stock

by David Zatz on

Sergio Marchionne and John Elkann

Fiat chairman John Elkann and CEO Sergio Marchionne both purchased Fiat stock, taking advantag

e of a $1/share drop in the price.

Mr. Elkann purchased 133,000 shares for €7.56 (around $10.48) each, while Mr. Marchionne purchased 130,000 shares at  €7.57. Fiat stock has, since then, fallen to €7.44 (around $10.32; price checked at 1:15 pm EST). Both are putting their money where their mouth is, to the tune of $1.4 million, though it is unlikely that losing a large portion of it would make a material difference in their lives.

The share purchases appear to have been done either yesterday afternoon or earlier today. Fiat stock traded for €8.39 to €8.77 on May 6; the ticker symbol is F on the Milan exchange.

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