Apple CEO Tim Cook makes $41M stock cash-out, his biggest sell in 2 years
Apple CEO Tim Cook's recent $41 million stock sale is his largest in two years, reflecting his confidence in the company's future.
Apple's CEO Tim Cook earned $41.5 million in the largest share sale in two years, as revealed in a US Securities Exchange Commission filing.
This sale involved Cook divesting himself of 511,000 shares, initially valued at approximately $87.8 million before tax deductions. Notably, he had previously earned $355 million from a stock sale in August 2021.
After the sale, he still retains ownership of approximately 3.3 million Apple shares currently valued at around $565 million, according to the filing.
However, Apple's stock has experienced a 13% decline from its record high of $198.23 in July, which has raised concerns among investors about the pace of the recovery in smartphone demand.
This decline coincides with Apple's recent launch of its iPhone 15 lineup, which maintained pricing amid a global smartphone market slump.
Furthermore, analysts at KeyBanc downgraded Apple's stock from an "overweight" rating to "sector-weight" on concerns of a slowdown in sales growth in the United States, Apple's largest market segment. The downgrade was influenced by expectations that fewer US consumers would upgrade their devices due to high inflation.
This sentiment was further corroborated by a report from research firm Canalys, projecting a 12% decline in North American smartphone shipments for 2023.
As a result, Apple faces challenges in navigating the evolving smartphone landscape.
Edited by Kanishk Singh