In his most significant stock sale in the past two years, Apple’s CEO, Tim Cook, has realized $41.5 million after accounting for taxes, according to a U.S. securities filing.
Cook’s recent transaction involved selling 511,000 shares, initially valued at about $87.8 million before considering tax deductions. This comes after a substantial stock sale in August 2021 that netted Cook $355 million.
The filing discloses that even after this sale, Tim Cook still maintains ownership of approximately 3.3 million shares, with a combined value of approximately $565 million.
While Apple’s shares reached a record high of $198.23 in July, they have since experienced a 13 percent decline. Investors have expressed concerns about the slower-than-expected recovery in smartphone demand.
Apple recently introduced its latest iPhone 15 lineup, maintaining prices rather than increasing them. This strategic move was seen by industry experts as a response to the global decline in smartphone sales.
Before the stock market opened, shares of the Cupertino-based tech giant had fallen by 0.6 percent.
In response to these market dynamics, analysts at KeyBanc downgraded Apple’s stock rating from “overweight” to “sector-weight” on Wednesday. Their concerns primarily revolve around fears that sales growth in the United States, Apple’s largest geographical market, is set to further decelerate in the fourth quarter. The brokerage highlighted that rising inflation was discouraging fewer American smartphone users from upgrading their devices.
A report from research firm Canalys projected a significant 12 percent decline in North American smartphone shipments for 2023, compounding concerns about Apple’s performance in the region.
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