Knight Shade Ltd. is an all-equity company with 10M shares outstanding. Knight Shade's stock closed at $12 yesterday. Knight Shade Ltd. has too much cash and marketable securities. The CEO, Ted Knight, wants to distribute the excess cash with an open market stock repurchase. He is thinking of buying back $6M worth of shares at the prevailing price. Michael Knight purchased 1,000 shares in Knight Shade Ltd. yesterday. If Michael doesn't sell any shares during the repurchase, then what is his change in wealth from before to after the repurchase? (After minus before.) -$1,000 $10,000 $1,000 $0