Microsoft deal makes Activision CEO Bobby Kotick even richer
Activision shares are having the best day since 1994
Activision Blizzard CEO Bobby Kotick raked in millions of dollars as the company's stock soared following Microsoft's $68.7 billion deal to acquire the video game publishing giant.
|ATVI||ACTIVISION BLIZZARD INC.||78.66||+1.52||+1.97%|
Kotick, who has been under pressure amid allegations of running a workplace fraught with misconduct, is Activision Blizzard's largest shareholder, owning approximately 4.09 million shares according to FactSet.
Based on Activision Blizzard's closing price of $82.31 apiece on Tuesday, Kotick netted over $69 million, bringing the total value of his holdings to about $336 million.
MICROSOFT BUYING ACTIVISION IN $68.7B DEAL
Kotick, who was romantically linked to Facebook's Sheryl Sandberg before she got married, earned approximately $154.6 million in total compensation in 2020, making him the second-highest-paid CEO that year, according to The Wall Street Journal.
In October, Kotick requested that his salary be reduced by 50% to $62,500, the lowest amount permitted by California law for individuals earning a salary, as Activision Blizzard announced new investments and hiring goals to improve its workplace culture. In addition to the salary cut, he said at the time that he would not be granted any bonuses or equity until the commitments were met.
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Though Microsoft and Activision Blizzard said in the deal's announcement that Kotick would continue to serve in his role, sources told the Journal that he is expected to depart the company following the closing of the deal in fiscal year 2023.
If Kotick stays, he would report to Microsoft Gaming CEO Phil Spencer, the company noted.