The cost of living may not be high in North Sioux City, S.D., but Gateway 2000 Inc. CEO Ted Waitt now has extra pocket change to help him along.
Waitt, along with three other Gateway officers, sold substantial numbers of company shares during February, according to an insider trading disclosure.
The 375,000 shares sold by Waitt between Feb. 2 and Feb. 25 brought in between $56.13 and $65.75 a share. Waitt still holds more than 35 million shares of the company.
Insiders in a company are restricted to selling their shares to certain times of the year under federal regulations. Several other high-tech officials, including Microsoft Corp. CEO Bill Gates, have recently taken advantage of the bull market in technology stocks to divest their holdings.
Gateway officials could not be reached for comment.
Michael Hammond, who co-founded Gateway with Waitt in 1985, sold off his 2,500 remaining shares on Feb. 13, for $63.63 a share, the filing states.
Two other Gateway officials closed out their shares of the company in February as well. President and Chief Operating Officer Richard Snyder sold his 10,000 shares on Feb. 18 for $65.25 to $65.50 a share, and on the same day, Vice President Robert Spears sold his 2,000 shares for $65.38.