Apple’s Chief Executive Officer, Tim Cook, has earned $41.5 million after taxes in his most significant stock sale in two years, according to a U.S. securities filing.
In this recent sale, Cook sold 511,000 shares, initially valued at approximately $87.8 million before accounting for taxes. It’s worth noting that Cook had previously made $355 million from a stock sale in August 2021.
Following this transaction, Tim Cook still holds about 3.3 million shares, which are currently valued at around $565 million, as indicated in the filing.
Apple’s shares have experienced a 13% decline from their all-time high of $198.23 in July, partly due to concerns about a slower-than-anticipated recovery in smartphone demand.
Last month, Apple introduced its new iPhone 15 lineup without raising prices, a decision some industry experts attribute to a global decline in smartphone sales.
In pre-market trading, Apple’s stock was down by 0.6%.
KeyBanc analysts downgraded the stock from “overweight” to “sector-weight” on Wednesday, citing concerns that sales growth in the United States, Apple’s largest market, is expected to slow in the fourth quarter. They pointed out that fewer U.S. consumers may upgrade their devices due to high inflation.
A report from research firm Canalys also projected a 12% decline in North American smartphone shipments for 2023.