Riccitiello buys over $1 million worth of EA stock
CEO snaps up shares only days after confirming lay-offs at publisher
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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.