Mogul has seen shares' value fall from $8 bil to $1.2 bil
NEW YORK — Ted Turner sold $5 million worth of AOL Time Warner stock a week after he resigned as vice chairman and the ailing media conglom reported a $100 billion loss for 2002.Turner has routinely sold shares of AOL TW over the past several years to fuel his philanthropic projects. Yet news of the current sale, revealed in a filing with the Securities and Exchange Commission on Friday, served as a reminder to Wall Street that Turner will be free to unload a lot more stock if he steps down from the company’s board of directors. It’s not clear if he intends to do so. AOL TW shares fell 2.3% to $10.59 on Friday. According to the filing, Turner sold 450,000 common shares on Tuesday for $11-$11.26 each. He also gifted 1.7 million shares as part of his pledge of $100 million a year, for 10 years, to causes supported by the United Nations. Turner still remains AOL TW’s largest individual shareholder, with about 117 million shares valued at $1.2 billion. He has seen the value of his AOL TW holding shrivel from close to $8 billion as shares plummeted since the merger was announced just over three years ago.