Topline
Apple CEO Tim Cook just executed his largest sale of his company’s stock in more than two years, according to regulatory filings late Tuesday, as the billionaire cashes in on his company’s waning $628 billion surge in valuation this year.
Tim Cook poses with the new Apple Vision Pro headset at the company’s Worldwide Developers … [+] Conference in June.
Getty Images
Key Facts
Cook sold 241,000 shares Monday, according to the Securities and Exchange Commission filing, while another 270,000 shares previously owned by Cook were withheld for tax purposes.
That amounts to a cool $41.4 million coup for Cook after taxes.
It’s the biggest tranche of Apple shares offloaded by Cook since August 2021, when he disposed of $750 million of Apple before taxes.
Despite the sale, Cook’s overall stake in Apple stayed exactly the same over the last week after he was awarded the same number of shares as part of his annual compensation package.
Fellow Apple executives Deirdre O’Brien and Katherine Adams sold $11 million apiece of their firm’s shares before taxes, Apple reported in separate regulatory filings.
Key Background
The disposals from Cook and other insiders come after a rare slump for Apple on the stock market. The company slid 9% during September’s broader downturn, by far its worst month of 2023. Apple remains by far the most valuable company in the world with a $2.7 trillion market capitalization. That’s a $628 billion increase year-to-date, though it’s a $376 billion slip from the company’s all-time high valuation of $3.1 trillion achieved in July.
Forbes Valuation
Cook is worth $1.9 billion, according to Forbes’ latest estimates. He owns 3,280,052 shares of Apple common stock, about .02% of all outstanding shares, a stake worth about $565 million.
Further Reading
MORE FROM FORBESApple Slashes CEO Tim Cook’s Compensation By Over 40%-After Billionaire Requested Pay CutBy Nicholas Reimann
BloombergBloomberg
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/dereksaul/2023/10/04/apple-ceo-tim-cook-offloads-88-million-of-shares-his-biggest-selloff-in-years/
