Tim Cook: Apple Inc.’s Chief Executive Officer, Tim Cook, has sold approximately $41 million worth of Apple shares after taxes, marking his largest stock sale in over two years. Cook sold 511,000 shares, according to a filing with the US Securities and Exchange Commission.
Tim Cook still holds approximately 3.28 million shares
Despite this significant sale, Tim Cook still holds approximately 3.28 million shares in the tech giant. This latest stock sale follows Cook’s rare pay cut of about 40%, reducing his compensation to $49 million for 2023. As part of the changes to his compensation package, his stock awards tied to Apple’s performance are set to increase to 75% this year, up from 50% previously.
Several other Apple executives also disclosed stock sales, including Senior Vice Presidents Deirdre O’Brien and Katherine Adams, both of whom sold $11.3 million in shares each.
Tim Cook’s last major stock sale was in August 2021 when he sold more than $750 million in Apple stock after completing a decade as CEO. After tax withholdings, he netted approximately $355 million.
Apple’s shares reached an all-time high in July but have since declined by more than 12%, primarily due to a broader selloff in the tech sector. On Tuesday, KeyBanc Capital Markets Inc. downgraded the stock, citing a weaker sales growth outlook. However, Apple’s shares remained relatively stable on Wednesday.
Also Read: ABC sends Chandrababu Naidu to 14-day judicial remand in corruption case
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK
