SAN FRANCISCO (AP) The wife of an Asian-American computer scientist is sharing the profits from her husband, a billionaire investor who made billions betting against the U.S. housing market, in a way that could make him a multimillionaire.
Cisco Inc. shares rose 2.5% on Thursday, their highest level since January, as the stock surged by about $1 billion, or about $900 per share.
The price of the shares jumped more than 10% on Wednesday to a record of $10,724.
The woman, who spoke on condition of anonymity, said she has sold her stake in Cisco and has bought another stake in the company through a trust.
She said she expects the share sale to be completed within three weeks.
Cynthia Wong, a spokeswoman for the California attorney general’s office, said the woman’s shares have been sold to her through a brokerage firm and are now held by the California State Treasurer.
Wong said that her office would be reviewing the case and is also reviewing the woman and her husband for any potential violations of California’s stock ownership laws.
The company said in a statement Thursday that the couple are now “employed” as a part-time consultant, not a full-time employee.