Tim Cook sells $41-million worth of Apple shares

Apple CEO Tim Cook sold stock worth about US$41-million after taxes in his biggest sale in more than two years as the shares of the iPhone maker slide off recent highs.

Cook sold 511 000 shares, according to a filing with the US Securities and Exchange Commission on Tuesday. He still has about 3.28 million shares in the Cupertino, California-based company where he’s worked for more than two decades, according to data compiled by Bloomberg.

The share sale comes after Cook took a rare pay cut of about 40% to $49-million for 2023. As part of the changes to his compensation, his stock awards tied to Apple’s performance will increase to 75% this year from 50% previously.

Other Apple executives also disclosed stock sales, including senior vice presidents Deirdre O’Brien and Katherine Adams, who sold $11.3-million in shares each.

Cook’s last major stock sale was in August 2021, when he sold more than $750-million in Apple stock after completing a decade as CEO. After tax withholdings, he netted about $355-million.

Apple shares hit an all-time high in July and have since declined more than 12% amid a wider tech selloff. KeyBanc Capital Markets downgraded the stock on Wednesday citing a weaker sales growth outlook. The shares fell about 1.2% in pre-market trading before New York exchanges opened.  — Subrat Patnaik, (c) 2023 Bloomberg LP

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