Nokia Q4 2011 results. Well over 1 million lumia devices sold
Hey guys, got an exam to go to right now but this is pretty big news. It’s the Nokia Q4 2011 results.
- Well over 1 Million lumia devices sold.
Not sure I’m reading it right, but it says 884M operating profit?Argh. Update. Looking at the wrong column.
- 19.6M smartphones, 17% increase over last quarter
- 93.9M featurephones, 5% increase over last quarter
http://www.results.nokia.com/results/Nokia_results2011Q4e.pdf
Sorry I can’t read the whole thing and write up properly, seriously was just going to leave the house for the exam :S. Laters
Category: Nokia








Nokia Lumia line well over disapointment, so bad results!, c’mon the N8 with less marketing support (no free Xboxes) sold 4 million in the same period of time, and WinPho is no new in the market, is almost two years old, and still can not surpass the two million peak of it’s debut.
Now let’s see reality, of those million devices (Lumia) I think 60% or 70% are in hands of users, the others are in the werehouse getting dust.
I still think Nokia had better chances to succed with Android (á la Nokia, just like Amazon did with Kindle Fire)
Totally agree, if the problem was meego not being what ever, It is from what we can see way more than WP is, an android amazons style would be a more than viable option…plus it would’ve able to leverage its Qt platform in there not kiling the symbian sales and pointing a path to the future… heck it could still try the same number of wp phones on selected markets, just like it did…
Nokia corned it self to a one way street, and the street leads no ware but bankruptcy.
Forget Android. Google look enviously at Apple’s profit, so Android is soon a Motorola only mobile operating system. And thats why Samsung started Tizen.
LOL at Android – The Mobile World savior!
SonyEricsson makes a big loss on Android, LG makes a big loss on Android, Motorola makes a big loss in Android, HTC profit dropped by an incredible 25% last quarter, thanks to Android.
they are still getting profits i.e sells while wp7 devices are not getting sells at all LOL
K. I’m tired of all the hate Windows Phone is getting. If you’ve never used one, keep your mouth shut. If you’ve used one but say android/iOS/MeeGo/Symbian is better, then you’re being very ignorant of the new possibilities that windows phone brings to the table.
First off, the iPhone caught a lot of attention back in 2007 was cuz it was completely different from every other phone. BOTH hardware and software wise. WP is different only software wise. Hardware looks the same as any other phone.
Android came out in 2008 I believe. No one gave a crap about it. People wanted the iPhone. No one even knew android existed until mid-way through 2010. THAT’S when Android really hit the market and grew exponentially…2 years after it came out.
Windows Phone has been out for over a year now. Granted, sales have not been so good. Reason? It’s very new. People still don’t know about it. A new player (even if it’s strong) must need a lotta time and effort to get recognition. I’d wait till the end of 2012 to see how WP is really doing. Until then, it’s better not to say anything. Nokia Lumia came out in October. Yeah it’s been over 3 months but really
1) normal people (non-geeks) think Nokia is terrible cuz of Symbian and many still think its a cheap Japanese company
2) Lumia brand needs more recognition. It JUST came out in US. Note that they got the 710. A mid-end phone. It works great but still is a mid end phone. 900 will be a better indication of Nokia and MS’s efforts. Still not the best though cuz Apollo doesnt come out till later this year. THAT is what’s gonna catch the Americans’ attention. And in 2013, we can expect to see tremendous growth for Windows Phone/Nokia, like we say with Android.
Also, until now, Windows Phone lacked support. Every OEM was interested in Android. Why? It’s easy money. But “going for Android is like peeing in your pants.” It gives you temporary warmth but won’t make sense in the long run. Especially since Google bought Motorola so we can expect Google to make those own Android phones now. Soon, they’ll screw all the other OEMs. Nokia, however, took the right decision. The strong support, they can help MS get more reputation for WP which, in turn, would help Nokia sell more phones. Yes, it’ll be a long process. Right now is too early to say anything about the success or failure of WP. Wait another year, then speak.
You need a reality check. Windows phone might be great technically (I don’t think so, but it does not matter anyway), but it is for sure a mega flop sales wise.
But sure, there is always the next great thing. Nokia just needs to wait for Apollo, or until iphone commits suicide, or whatever. Problem is that Nokia sales volumes and revenues collapse, and they lost way over $1 Billion in just one quarter. Nokia does not have much time left.
Windows phone is for sure the wrong strategy for Nokia.
In February 2011 Nokia crashed into the iceberg. They are sinking, first slowly then faster and faster. Too bad that someone shouted “fire” and gave up the platform without thinking it through.
So you din’t read the bit where Keith was quite clear about Android sales not taking off for over two years then?
I don’t know if other people just have poor memories or not, but I remember a lot of people saying that Android was ‘doomed’ and ‘a flop’ based on a couple of quarters’ sales. Funnily enough a lot of the same people said that about the iPhone too.
But, hey, keep thinking that it was last February’s announcement that killed Nokia. You know, despite the multiple collapses of its share price, the total destruction of its high end market and the reduction in ASP since 2007. Maybe it’ll make you feel better.
*shrugs*
Why do you think WP will take off like iOS and Android did? Is it more cool for the consumer? Is it free for the handset maker?
My take: If I want to be locked in, I chose iOS any day over WP. If I want to adjust my phone to my taste, I will use Android any day over WP.
So why exactly should I use WP?
Just because Android did not take off for 2 years is no indicator that WP will take off after 2 years.
Or did the Zune series take off 2 years after the iPod did? I guess no.
Anyway, can you please tell me anything positive for Nokia that you can read in Nokia’s quarterly report?
and if “Android did not take off for 2 years” how would one qualify WP… in the frist year android sold over 8 million devices, on a way smaller smartphone market,
Keith havent seen you post in ages! Hi
As for, giving WP time to saturate, that’s just even more of a reason that Elop should have kept his mouth shut about Symbian/Harmattan and given the N9 more of a shot
If you wanted to pick up WP7 sure knock yourself out but realize it’ll need a good deal of time to saturate, don’t kill yourself and then play the waiting game… lol
That the lumia’s sales are bad is not even nokia’s real problem.
The real problem is the had three horses, they killed one, the other is slowing down and soon to be that and the last horse is can’t run fast.
Android? Gotta be kidding me.
And the N8 was launched worldwide, and your number is wrong too.
No phone has ever being launched world wide, there is always time between countries, and the N8 time was horrible, first in some countries in Europe, then some in Asia, later Latin America and NEVER in the USA (as a proper launch with a telco) and no, my numbers are quite right, Nokia did sold 4 million is a well known fact, they brag about it all over the media.
http://www.unwiredview.com/2010/12/29/about-4-million-nokia-n8-smartphones-sold-until-now/
An acording to some they (Nokia) actually sold even More C7′s
Speculation, all of it…
We still have six months to wait in-order to judge the success or failure of the Lumia range of devices.
Without a major U turn (another device, operator promotion etc) the N9 will run out of steam and sales will slow.
So let’s hope that the Lumia can support the company (without the heavy promotion) otherwise Nokia will be history.
Fingers crossed . .
I think it is Microsoft’s name that makes WP difficult to sell. People want variations as their PC are already Windows.
In their image :
WP = Microsoft = monopoly
WP = Microsoft = expensive
And I think the “Windows” name is really misleading – it sounds ‘old’ and outa touch – not reflective of the true WP product. People also think of the ‘blue screen of death’ yada yada yada, which is completely wrong (owning or having owned iOS, Android, Symbian, Palm, WebOs).
This is where the ‘Lumia’ branding will help. To the average person it will be known as a Lumia phone – not a Windows phone.
Agree. Windows Phone is a stupd name. They’d be better with Lumia or even Metro.
The N9 promotion was much better than you all think.. I can talk about Portugal, as I live here, and besides posters on all metro stations in Lisbon (yeah the capital city) there was big adverts in every Nokia store, in fnac and around the internet.. And yes! Operators are supporting the N9.. here in Portugal N9 can be bought subsidized.. and fnac is selling the 64gb one for just 449€.. So Nokia is doing a great job promoting the N9.. So i dont understand all that hate on Elop and the lumia line..
As I can remember Elop always said, that in 2011,Nokia would launch a device just to test the market and prepare something for future disruptions.. That device turned out to be the N9 that’s being greatly advertised and although nokia’s dumped meego they never said they would stop doing their own OS..
miguel were can yuo buy the N9 with subcides… Afik only tmn sell it and without subcides. Marqueting??????? Were i live the was a couple of baners on a shoping mall for one day an then it was removed….
Wrong… Vodafone also sells the N9.. And tmn sells it subsidized.. Just look at it again and you I’ll notice that.. I don’t know were you live but in Colombo and Lisbon metro stations there were posters for at least 1 month… Even in barreiro there were some..
Careful, Miguel. You’re bringing logic and facts to people who want neither.
where ???? I’ts no where to be found on TMN or Vodafone pages. In tmn the price with contract was
Nokia page Portugal moved it to the last page of products…
I have seen zero marketing to it in Porto.
Now the Lumias are under huge subsidies on TMN VODAFONE and OPTIMUS…. On some you can get the LUMIAS for 0€
As you can see I was not lying or trying to make it look better..
http://www.nokia.com/pt-pt/produtos/telemovel/n9-00/compre-ja/
http://www.fnac.pt/Nokia-N9-64GB-Black-Telemovel-Telemovel/a531527?PID=11&Mn=-1&Ra=-5000&To=0&Nu=40&Fr=0
Out of stock as of now at fnac.pt. I’m hoping they weren’t just clearing stock. It makes little sense that the 16GB ones are selling for €530 (Cyan) and €570(Magenta and Black) while the 64GB was selling for €450, so I’m fearing the worse.
I was doing the paperwork to buy two units from Spain as a company, when they went out of stock. It showed a “2 to 4 days delivery” and now it only shows “Add to wishlist”. Crossing my fingers the offer comes back. (Maybe you can call them and ask? I’d appreciate. I don’t speak Portuguese.)
@miguel: hahaha, have you seen: on the product overview, the n9 is on the last page! surprised?
they are just cleaning up stocks now…. if you can’t beat the competition, you can beat yourself.
It wasn’t.. And there were several ads on the site when they were selling it for that price.. And the only version that was on big discount is the 64gb one.
Miguel, the N9 was originally being sold by FNAC for around €650 (16gb) and €750 (64gb).
They’re clearly just clearing stock at this point…
Vodafone didn’t even give it a proper chance. The N9 was well “hidden” in the website…
The vast majority of the Portuguese people, at this particularly moment in time, does not have €700 lying around for a mobile phone, so the N9 was doomed from the start; and it is my belief, that this happened in many of the other countries where the N9 was released.
On the other hand, look at the way the Lumias are being advertised, and the prices for which you can get one; do you think this was made for the N9 to have a fair chance to play the game??
From what I’ve been reading on this thread & elsewhere.
The pattern of gradual sidelining sounds similar to what’s happened here (Australia).
Compared to other Nokia phones yes.. I can’t remember the last time Nokia advertised a Symbian or an s40 device here in Portugal.. The N9 was the best advertised Nokia phone in years.. Nokia wasn’t even trying, that’s why i say Nokia did a great job. And yes, you are right.. The lumia marketing efforts are huge.. Since january 26th there is lumia ads in almost nokia, Vodafone, tmn and fnac stores.. And besides that there is a working device with a unique spot in every Fnac, accompanied by tv ads.
Indeed, N9 was marketed in Sweden like crazy, and supported from operators!
Not like crazy, more like a normal mobile phone
Lumia is marketed like crazy in Sweden now. It is everywhere but I don’t think they are going to sell that many lumias in Sweden
Check gsmarena.com, N9 is Nokia phone with the most “daily interest”, had ever been overtaken by Lumia 800 & 900 before, but re-took again.
Oh come on Nokia, please learn from this, you will not survive with your “WP only” strategy.
Smart Devices Profit
Q4/2011 …. -191M €
Q4/2010 …. 510M €
Smart Devices Volume
Q4/2011 …. 19.6M
Q4/2010 …. 28.6M
191 million euros loss in smartphones. In one year Elop managed to turn a profit of half a billion euros in smartphones into a loss 191 million euros. And if we deduct the 180M euros that Microsoft gave to Nokia, we can see that the loss was in reality 371 million euros. That’s a -881 million euros change in one year.
And not only that, he has managed to decrease the number of Nokia smartphones sold from 28.6 million to 19.6 million. That’s a drop of 31%. But that’s not all. At the same time world’s smartphone market has grown by 60%! Not only did Nokia not manage to keep up with the 60% growth, it shrank additional 31%.
Elop is really doing a magnificent job with his WP7/M$ strategy. I can see now why some people here think he’s a great CEO. /s
Sarcasm aside, the billion dollar question is, why on earth is Elop allowed to continue destroying Nokia? One more year of him is something Nokia simply cannot handle anymore.
I think the real interesting question is wether the Symbian sales would have declined anyway (those 37m iPhone buyers for the quarter have to come from somewhere!, not to mention the Android owners).
If the answer is yes and Nokia started just NOW on a new strategy – then perhaps it is too late. At least they are now 1+ year into the new strategy and are underway.
Time will tell.
Symbian sales would have declined even without Elop but not with the current pace.
might be true, but it’s hard to quantify it
Bob is right. Nokia’s smartphone market share was already in a free fall before Elop took over. You are acting as though Nokia had some successful strategy (in place that Elop the MS Cylon came and killed for no reason.
The N9 was released before Nokia’s wp. The dev time for wp was longer, the N9 got better reviews, had the same hardware. If it had support and people believed it had a future, it would be 100 percent guaranteed be doing better than the current strategy on every level. Yes Symbian was slowly dying anyway. Now it is faster!
Symbian still holding very well it seems from the article.
http://nokiapoweruser.wordpress.com/2012/01/26/nokia-q4-results-vs-our-q4-predictions-symbian-still-holding-very-well/
A landmark achievement for any vendor selling 1 million WP devices…
Kudos Nokia…!
Landmark, Nokias was critized last year because it sold “only” 4 million N8′s
http://www.unwiredview.com/2010/12/29/about-4-million-nokia-n8-smartphones-sold-until-now/
Also Nokia’s goal was to sell over 2 million.
http://www.phonearena.com/news/Nokia-to-sell-2-million-Lumia-units-in-Q4-Nokia-Lumia-800-to-get-updates-to-improve-battery-life_id24112
Jorge – you have got quite a lot wrong information.
Nokia had not set or at least published any sales target regarding Lumia sales.
Last spring, Nokia said that the goal is to publish at least one WP phone 2011, which sales would start 2012.
Nokia beat that goal with flying colors, they managed not only publish a phone, but launch and bring to shops of the selected countries two phones. When the collaboration with MS was announced, many doubtful analysts claimed that the transition will take well over a year (partly true) and Nokia undermines the problems and that it would impossble to develop any WP phones in such a short time.
There were rumors (not confimed) that Nokia has orderd 2 million phones from a Taiwanese subcontractor Compal (Lumia800 and 710). The rumour did not say when all the 2M phones should be delivered.
Nokia is just tranferring and ramping up the production in it’s own factories for large scale production.
I argue that it was not possible to sell more Lumia phones, because the sales were supply restricted.
Lumias were also in stores less than two months last year, not the whole quarter.
The xbox deal was only offered by Orange.uk and was not even a success because of the deal as a whole was not lucrative. Other operators sold better than Orange.
In this regard, Nokia made a right move and did not enter into the markets where N9 was officially sold and marketed. A decision which optimized supply for demand, and did not confuse marketing communication.
WP was introduced just over a year ago as a new operating system, which was not compatible with it’s predecessor Windows Mobile. WP was widely regarded as incomplete by analysts until WP7.5 Mango came out in the autumn 2011. Only after the Mango update the operating system started to be competitive choice.
We can claim that Nokia has made many mistakes, but it is too early to say anything about the WP phone strategy. The success will be seen in the 2nd half of 2012 when the first data of Lumia900 will be available. I also hope to see Nokia release new WP phones with WP8/Apollo update by that time.
And NO, I am not WP fan but a Maemo fan. I have N9 and want that Nokia survives and invest more for the Maemo ecosystem development (starting from Meltemi).
Are you kidding me? Second half of 2012 when we can see lumia 900 sales?
Are you freaking kidding me? BE REAL!! afer MWC 2012 which start february 27th
The lumia 900 will be inferior. ESPECIALLY! For the US market!!
Just wondering why Nokia has not released Symbian and Meego numbers?
Any ideas???
Because they’re probably embarrassing. I bet the N9 sold as many units, if not more, than the Lumia 800, a hard fact to swallow considering it’s been declared a dead platform…
http://www.reghardware.com/2012/01/23/networks_nag_nokia_to_lower_lumia_levy/
What does that link have to do with anything?
Guess what, Facebook stat show an increase of only 300k users with WinPho, if the latest stats that showed that Nokia is selling 50% of all the WinPho smartphones that will mean that only 150k Nokia Lumias have been sold so far.
I wonder if there could be more a logical explantion?
If Lumias have an excellent and ready to use inbuilt Facebook application integrated into the WP OS, who cares about some external FB application?
I don’t know cause I have not used Lumias, but I would dig a bit deeper before writing an article about it.
Someone with some experience with the actual phone itself could correct me if I am wrong.
Its the official integrated app the Lumias have as facebook sees it.
Are you sure?
There is also a facebook page for Nokia Lumia fans, and there are over 6,5 million members (more than there are people in Finland).
https://www.facebook.com/nokia?sk=app_279021082121305
It is *NOT* the official integrated app.
Guess what, Facebook stat show an increase of only 300k users with WinPho, if the latest stats that showed that Nokia is selling 50% of all the WinPho smartphones that will mean that only 150k Nokia Lumias have been sold so far.
http://www.channelregister.co.uk/2012/01/24/nokia_lumia_sales/
OMG that is terrible news……… Ok granted that not everybody has facebook???? but lest say only 50% have it…its still only 2.6 million users in the entire platform, ecosystem FTW.
Consider something more important, the WinPho Platform is an expensive one, Nokia release the phone in the 7 most important markets of the world, countries with good income, which also means internet and facebook penetration is high, your comment is correct in essence, not all of them have facebook, but not only 50% have, at least the number would be 80%, lets find that out.
Are there similar figures for the N9 client?
It is not too late for Nokia to re-think its strategy.
But Elop is a stubborn trojan, & Nokia’s directors had been bribed by MS’s money.
Terrible!
You can not break a contract entered into, just like that.
Microsoft has the money to buy Nokia if they wished, with Microsoft as owner, Nokia has no choice but WP7. Just like the Motorola now has no choice than Android.
“Microsoft has the money to buy Nokia if they wished” but they don’t all they care for in nokia is the IP portfolio, and clients, once bowth are dead it can let Nokia die in one corner. Just Business as usual for Microsoft.
It is too late. It was too late for MeeGo before Elop even showed up.
Late as it is it still sold more than the WP…
Think instead of ecosystemmsmocosystem you guys and NOKIA should leave those decisions to the consumers, let us decide with our pockets… Apparently, so far the pockets said Give us the N9, it can change to give us the WP, Just please don’t boycott thousands off N9 sales Because it might steel a couple of WP sales.
Like NOKIA is doing on all European markets were the N9 was selling well.
That’s a generic opinion with little basis. N9 sales contradict you.
Some one was here saying the other day that, the N9 got alot of promotion on Portugal, and was available on all carriers. This is not true.
The Lumia arrived and ….
http://www.vodafone.pt. front page with free xbox. €179 under contract. Nokia N9 removed completly
http://www.tmn.pt. Front page as well not only the 800 but also the 710. subsidies up to 0€ N9 removed from page all together.
http://loja.optimus.pt/Particulares/Movel/Telemoveis/nokialumia800/ with subsidies you can get it from €99, Nokia N9 removed.. you can also get the L710 for 190€ with no contract.
It seams that any were the N9 sells decently it gets replaced by the Lumia as fast as possible
same here in switzerland. game over
One might think that the propose of the Lumia is to attract users of other OS’s Iphone or Andrid but no its about moving the Nokia customers into WP, does not mater if they want to, or not, they have 2…. What is it with the stupid need to kill N9 sales just to make way for the Lumias…
Nokia customers, are doing the other thing and buying the Iphone’s and Andrid’s.
The only thing Nokia will succeed with doing that is making customer angry and move to another brand.
I don’t think this is about Nokia, it’s about Microsoft using Nokia to be more profitable.
Nokia is still marketing N9 heavily in the countries it is first introduced.
Have you seen the “unfollow” video for Chinese market? The marketing campaigns are always relatively short until the next product will take the place in the billboards. That does not meant the consumers can’t get hold on N9′s anymore. True that Nokia did not launch ‘officially’ N9 in the biggest markets (e.g. Germany, France, UK, USA), which is a thing I regret.
Just saw (literately) some TV commercials of the Lumia here in Portugal…
First time I remember ever to see a NOKIA commercial On Portuguese Television, for a specific phone.
Must kill those N9 sales fast fast fast…..
Really? heavy n9 marketing in china? a 2 minute commercial on tv? it does not happen my friend.
China? the country where people earn 5 bucks a month?
Yeah they probably buy the n9..
Have you ever been in China? There are lots of rich people in the big cities like Shanghai. China has become the Worlds largest smart phone market. iPhone sells well in China and it’s priced more expensive than N9.
All Western brands are more expensive in China than in Europe or USA.
I don’t say that N9 succeeds in China, but the reason is not the poverty.
It’s only “just” bigger than some of the other big smartphone countries.
But yes, if the N9 can’t do well here…
Then it’ll struggle in the other major economies it’s currently blocked from entering.
Why???
Because Nokia still has huge brand awareness/popularity in China.
Problem is, marketing already started to ramp-down here some time ago.
I don’t know why….
If they wanted to get an edge over the iPhone, Nokia needed to be more aggressive.
They had one very nice ad campaign, but it didn’t last long at all.
They need a rolling campaign that’s on a scale like never before.
Actually marketing has ceased entirely here in Australia about 7wks ago.
From what I can tell them same is almost true for China now.
Despite it not being available “on the streets” till much later than Australia.
Seems like the N9 out sold the Lumia
By a far margin indeed. Tomi Ahonen estimates the N9 outsold the Lumia 800 3 to 1.
Lumia numbers are so bad Nokia had to include January 2012 to make them somewhat palatable. Real Q4 numbers indicate around 600.000 Lumias sold, which is a total disaster.
Nokia is introducing now the Lumias in markets that where N9-only, like Portugal, but not the other way round (no N9 in Spain or Germany). The insane effort to kill a succesful phone just to push the unsucessful one is insane. Someone should explain why all this is happening.
Outside of diehard Nokia fans, who is buying a phone with no ecosystem? It’s a nice OS, but not nice enough to make the majority of people pick it over an iPhone. WP has a small chance of success. meeGo had no chance of success as sales would plummet after Nokia fans picked up their N9s and it wasn’t enough to drive an ecosystem. Then it becomes a niche failure like webOS.
First of all, there’s no Meego “ecosystem” because Nokia didn’t want to.
Second of all, lots of people buy a phone without an ecosystem. Most people buy an iPhone these days because it’s a fancy gadget. Apps are not that important, especially when a phone like the N9 comes with most functionality built in.
But that’s all speculation. What’s a fact is that the N9 has sold more units than the Lumia. I bet it will still sell more during Q1 2012. There’s simply no reason to stop people from buying a product you are manufacturing and selling well. (There’s no reason either to not sell the N950, BTW.) The only “reason” one can think of is the N9 sales are bad for Microsoft. Why Nokia MUST help Microsoft by burying its own products is beyond me (or buried in fine print in the MS-Nokia agreements).
Is Elop a Trojan horse inserted by big Microsoft shareholders?
http://talk.maemo.org/showpost.php?p=1156549&postcount=45
scary stuff right?
This is the sort of thing that can help to explain what the hell is going on here. When the N9 outsells the Lumia 800 and isn’t pushed into high-income markets, something starts smelling really bad.
Elop is also a big shareholder in Microsoft: http://www.slashgear.com/nokia-ceo-left-holding-microsoft-shares-13133066/
I’m not a supporter of the current strategy.
(at least not the “WP only” one)
But that’s misleading, he did sell his shares eventually.
CBF’d digging it up, but it’s out there.
Yeap as far as we know he sold and traded them for Nokia ones…
People lest try to be honest and accurate about what we say, to the best of our knowledge.
Source?
If he indeed has no more MS shares and only Nokia’s, and he refuses to sell the N9 everywhere when it’s outselling the Lumias (while being sold mostly in low-income countries), then’s he’s just simply incompetent and should be fired ASAP.
I CBF’d digging-it-up but I’m not shitting you.
There’s just no way in today’s global corporate world that you one do what you’re suggesting.*
It absolutely would’ve been a requirement that he ditch his shares.
A quick Google should find your source.
*unless you’re the CEO of a criminal enterprise.
I CBF’d digging-it-up but I’m not shitting you.
There’s just no way in today’s global corporate world that one can do what you’re suggesting.*
It absolutely would’ve been a requirement that he ditch his shares.
A quick Google should find your source.
*unless you’re the CEO of a criminal enterprise.
So he’s plain dumb.
Scary anyway…
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