Apple Inc. Chief Executive Officer Tim Cook sold stock for almost $41 million after taxes, his largest sale in more than two years, as the iPhone maker’s shares fell from recent highs.
According to a filing with the US Securities and Exchange Commission on Tuesday, Tim Cook sold 5,11,000 shares. According to Bloomberg data, he still owns almost 3.28 million shares in the Cupertino, California-based corporation where he has worked for more than two decades.
The stock sale comes after Tim Cook took a remarkable 40% compensation cut to $49 million for 2023. His stock awards connected to Apple’s success will be increased to 75% this year from 50% previously as part of the modifications to his compensation.
Other Apple executives who sold stock were Senior Vice Presidents Deirdre O’Brien and Katherine Adams, who each sold $11.3 million in shares.
Mr. Cook’s most recent large stock sale occurred in August 2021, when he sold more than $750 million in Apple stock after serving as CEO for a decade. According to Bloomberg figures, he earned approximately $355 million after-tax withholdings.
Apple shares reached an all-time high in July before falling more than 12% as part of a broader tech selloff. On Wednesday, KeyBanc Capital Markets Inc. downgraded the company, citing a worse sales growth expectation. In premarket trading, before the New York exchanges opened, the shares slid nearly 1.2%.
