At the annual stockholders meeting held this morning Sirius CEO Mel Karmazin made it apparent that he shares in investors concerns when it comes to the SIRI stock price. Mel then proceeded to drive home the fact that he has not sold a single share of the $20 million he personally has invested, despite the lack of performance.
Karmazin said, in a puzzling way, that Sirius' shares were up only 8 percent since late 2004, when the company had just 600,000 subscribers, compared to the 6+ million the company touts today. He then went on to blame Wall Streets negative reviews, despite the company's growing subscriber base and the fact that they are quickly approaching profitability. That being said, Mel thinks that when it comes to rival XM’s stock performance “We suck less.” As a Sirius stockholder those are some reassuring words Mr. Karmazin!