In a recent filing with the US Securities and Exchange Commission, it was revealed that Tim Cook, the Chief Executive Officer (CEO) of tech giant Apple Inc, has cashed in on his largest share sale in two years. After accounting for taxes, Cook pocketed a hefty $41.5 million by selling 5.11 lakh shares of Apple stock. These shares were originally valued at approximately $87.8 million before tax deductions.
This sale comes on the heels of a notable stock transaction in August 2021 when Tim Cook raked in a substantial $355 million. Despite these transactions, Cook remains a substantial shareholder, with approximately 3.3 million Apple shares in his portfolio, valued at around $565 million.
Notably, Apple’s stock has experienced a 13% decline from its peak value of $198.23 in July, which could have influenced Cook’s decision to sell some of his shares.
Cook’s share sale follows his salary cut of about 40% for 2023, reducing his annual income to $49 million. However, his stock awards linked to Apple’s performance are set to rise from 50% to 75% this year, reflecting changes in his compensation package.
Cook isn’t the only Apple executive making headlines with share sales. Senior Vice Presidents Deirdre O’Brien and Katherine Adams have each sold $11.3 million worth of shares. These transactions highlight the ongoing activity among Apple’s top leadership.
In terms of product releases, Apple recently unveiled its new iPhone 15 lineup. The iPhone 15 series includes the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max. These devices introduce features such as the dynamic island display, first seen on the iPhone 14 Pro and Pro Max, as well as USB-C type charging.
The iPhone 15 also boasts an OLED Super Retina display, capable of supporting Dolby Vision content with a remarkable brightness of 1,600 nits. Apple’s continued innovation in its product offerings aims to maintain its competitive edge in the fiercely contested smartphone market.
On the financial front, Apple reported a 2.3% increase in profit, reaching $19.9 billion for the fiscal third quarter. This growth was attributed to a robust performance in the services segment, which helped offset a slight dip in iPhone sales. Despite a 2.4% decline in iPhone sales, which constitute a significant portion of the company’s revenue, Apple managed to maintain healthy profitability.
Tim Cook’s recent share sale, Apple’s product launches, and its resilient financial performance underscore the company’s ongoing evolution and commitment to delivering innovative products to its global customer base. With a renewed focus on services and continued product innovation, Apple remains a prominent player in the tech industry.
