CEO Tim Cook sold half a million shares of Apple in recent days

October 04, 2023 07:31 AM PDT | By Invezz

CEO Tim Cook sold half a million shares of Apple in recent days — Image source: Invezz

It was CEO Cook’s largest share sale in two years

Cook cashed in $41.5 million as he unloaded 270,000 shares of Apple Inc on Friday and another 241,000 on Monday.

The share sale was worth about $88 million before accounting for taxes, as per a regulatory filing on Wednesday. The chief executive still owns 3.3 million shares or about $565 million worth of AAPL.

Note that the share sale was his largest in about two years. Cook had sold stock to make $355 million in August of 2021.

The announcement arrives following a significant sell-off in Apple stock in recent weeks.

At Apple, we want to invest in the communities we operate in, and that’s one of the many reasons we’re proud to support @StMarys_SW8, which is located in Battersea. Really enjoyed my visit there today, and loved seeing what students are creating on iPad. pic.twitter.com/5rfblcOcSy
— Tim Cook (@tim_cook) September 28, 2023

Other executives have also unloaded Apple shares

Interestingly, overall stake of CEO Tim Cook in Apple Inc remained unchanged despite the recent sale. That’s because he also received about the same number of shares as a component of his yearly compensation.

A separate filing with the Securities & Exchange Commission also confirmed that fellow executives – Katherine Adams and Deirdre O’Brien – have also recently unloaded $11 million (each) worth of Apple stock.

Also on Wednesday, KeyBanc analyst Brandon Nispel downgraded the iPhone maker to “sector weight” citing premium valuation, phone upgrades at near record lows, and expectations of softer growth in the United States.

Shares of the multinational tech behemoth are currently down about 13% versus their year-to-date high in late July.

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