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'Betting on the downfall': George Soros had a $42 million short open on MGM

'Betting on the downfall': George Soros had a $42 million short open on MGM | 10 Oct 2017 | On Tuesday, September 5th, 2017, the board of MGM Resorts International decided to approve a $1 billion share repurchase program. At $17.7 billion today, the program represented a significant portion of its current market cap. By the end of the week, MGM's CEO, James Murren, had coolly divested himself of 80% of the shares he owned in his company. The divestment came just days before the ex-dividend date on September 8th, 2017. The sales were originally disclosed in a document filed with the Securities and Exchange Commission (SEC). Murren had previously divested 57,269 shares on July 31st and August 9th, 2017. It's currently unclear why Murren chose to sell when he did...Mr. Murren and his fellow board members were not the only speculators who were bearish on MGM's prospects. Billionaire investor George Soros also bought $42 million worth of puts on the company, according to SEC filings from mid August. [Notes: MGM Resorts International is the owner of the Mandalay Bay Resort and Casino, the site of the October 1, 2017, shooting. See definitions of 'put option' (here) and 'Short (or Short Position)' (here). More info can be found here. --LRP]