Apple CEO Tim Cook makes $57m from biggest stock sale in two years
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Apple CEO Tim Cook also sold his shares in August 2021, making US$355 million.
PHOTO: REUTERS
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NEW YORK – Apple chief executive Tim Cook made US$41.5 million (S$57 million) after taxes in his biggest share sale in two years, a US securities filing showed.
Mr Cook sold 511,000 shares, which were worth about US$87.8 million before accounting for taxes, according to the filing dated Tuesday. He made US$355 million from a stock sale in August 2021.
The Apple chief owns about 3.3 million shares, valued at about US$565 million, following the sale, the filing showed.
The company’s shares have fallen 13 per cent from their record high of US$198.23 in July as investors fret about a slower-than-expected recovery in smartphone demand.
Apple launched its new iPhone 15 line-up in September
Analysts at KeyBanc downgraded the stock to “sector-weight” from “overweight” on Wednesday on worries that sales growth in the United States – Apple’s largest geographical segment – was likely to slow again in the fourth quarter.
The brokerage noted that fewer phone users in the US were likely to upgrade their devices as they grappled with high inflation.
A report from research firm Canalys showed that North American smartphone shipments were expected to fall 12 per cent in 2023. REUTERS
