Apple’s CEO Tim Cook Nets $41.5 Million in Largest Share Sale in Two Years

UNITED STATES: Tim Cook, Apple’s CEO, recently completed his largest share sale in two years, netting $41.5 million after taxes, as revealed in a U.S. securities filing. In a filing dated Tuesday, it was revealed that Tim Cook sold 511,000 shares, originally valued at approximately $87.8 million, before accounting for taxes. His previous stock sale in August 2021 yielded $355 million.

The Apple chief holds approximately 3.3 million Apple shares, which are currently worth around $565 million after the sale, as per the filing. The company’s stock has experienced a 13% decline from its peak of $198.23 in July as investors fret about a sluggish rebound in smartphone demand.

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Last month, Apple introduced its latest iPhone 15 lineup without increasing prices, a strategic decision that some analysts believed was prompted by the worldwide slowdown in smartphone demand. Ahead of the market opening, shares of the California-based tech giant, Cupertino, experienced a 0.6% decline.

On Wednesday, analysts from KeyBanc lowered their rating for the stock from “overweight” to “sector-weight” due to concerns that Apple’s sales growth in the United States—its largest geographical segment—would likely decelerate in the fourth quarter.

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The brokerage highlighted that the increasing challenges posed by high inflation might deter a significant number of U.S. smartphone users from upgrading their devices. Per a report by research firm Canalys, it was anticipated that smartphone shipments in North America would experience a 12% decline in 2023.

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Originally posted 2023-10-05 06:45:00.