Tim Cook Earns Millions From Selling Thousands of Apple Shares
(Reuters) – Apple Chief Executive Tim Cook made $41.5 million after taxes in the biggest stock sale in two years, a U.S. securities filing showed.
Cook sold 511,000 shares worth about $87.8 million before taxes, according to a filing on Tuesday. He made $355 million from the stock sale in August 2021.
The Apple executive owns about 3.3 million shares, worth about $565 million, after the sale, the filing showed.
The company’s shares have fallen 13% from July’s record high of $198.23 as investors fear a slower-than-expected recovery in smartphone demand.
Apple released its new iPhone 15 lineup last month without raising prices. Some industry observers said the move was a response to the global smartphone crash.
Shares of the Cupertino, California-based company were down 0.6% in pre-hours trading.
Analysts at KeyBanc downgraded the stock to “sector weight” from “overweight” on Wednesday, worried that sales growth in the U.S. — Apple’s largest geographic segment — is likely to slow again in the fourth quarter.
The brokerage noted that fewer phone users in the U.S. were likely to upgrade their devices as they grappled with high inflation.
According to a report by the research company Canalys, smartphone shipments in North America are expected to decrease by 12 percent in 2023.
