Afterpay director heads for the hills
''On the same day Afterpay's share price climbed an astonishing 10 per cent to yet another record high of $49, we couldn't help notice one of its board members has quit the business.
A board member since 2016, Cliff Rosenberg left his director role on May 24, but not before exercising options to buy 700,000 shares for 20¢ each and 200,000 shares for $1 each in March 2020. You wouldn't leave before exercising those kind of options.
The 900,000 shares acquired plus another 550,659 held on trust for Rosenberg represent a hefty 1.455 million shares to walk away with. The market value at $49 a share is $71 million. A handy improvement on the $13 million valuation your average fintech director wouldn't get out of bed for when Afterpay shares closed at $8.90 just two months ago.
The buy now, pay later, group provided no explanation for Rosenberg's decision to quit as a director, but now he's gone, he won't have to disclose it if he does decide to cash in on Afterpay's incredible valuation.
AFR . com / rear-window/afterpay-director-heads-for-the-hills-20200525-p54w7z
