Director Keith Meister Buys $51.7M of MGM Stock in Open-Market Purchases
MGM sits 16% above its 52-week low of $26.71 on elevated volume (2.0× avg).
Summary
Director Keith Meister's Corvex funds bought 1,745,592 MGM shares for $51.74 million in open-market trades on October 30 and November 2, lifting his indirect stake to 7,093,570 shares. The purchase lands after Diller's $48.30 buyout was pulled and a weak Q3.
Key Events · Ownership and Investor Activity · MGM
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Director Buys $51.7M of Stock
Keith Meister's Corvex funds purchased 1,745,592 shares in three open-market trades on 2026-10-30 and 2026-11-02, totaling $51,740,827.48.
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Weighted-Average Prices $28.92-$30.24
Trades were executed at weighted-average prices of $28.92 (233,998 shares), $29.75 (1,504,076 shares) and $30.24 (7,518 shares), all below today's $31.00.
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Stake Rises to 7.09M Shares
Post-transaction indirect holdings via Corvex funds stand at 7,093,570 shares; Meister disclaims beneficial ownership beyond his pecuniary interest.
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Follows Withdrawn Diller Bid
The buying comes after People Inc. withdrew its $48.30-per-share offer for MGM in September and MGM posted a $17 million Q3 net loss with Adjusted EBITDA of $403 million.
Analysis · MGM · Real Estate & Construction
A sitting director committed $51.7 million of fund capital to MGM shares over two trading days, buying at weighted-average prices of $28.92 to $30.24 — below today's $31.00. This is real money, not an option exercise or grant. It also arrives weeks after Barry Diller's $48.30-per-share buyout proposal was withdrawn in September and MGM's Q3 swung to a $17 million net loss. For a board member to buy at this size is a strong vote of confidence at a moment when the stock has lost a takeover bid and earnings are under pressure.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 40.9% of the 1143 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.37%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MGM was trading at $31.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.8B. The 52-week trading range was $26.71 to $51.59. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.