Minting Money: Apple CEO Tim Cook made $41 million from stock sale, the largest in two years

Apple CEO Tim Cook recently made about $41.5 million (after taxes) in proceeds from his most substantial share sale in the last two years, according to a filing with the US Securities and Exchange Commission.

Cook divested 511,000 shares, initially valued at around $87.8 million before tax considerations, as stated in the filing released on Tuesday. In comparison, he garnered $355 million from a stock sale in August 2021. Following this recent transaction, Cook retains approximately 3.3 million Apple shares, which hold an estimated value of around $565 million.

Apple’s stock has experienced a 13 per cent decline since reaching a peak of $198.23 in July, with investors expressing concerns over a slower-than-anticipated recovery in smartphone demand. In response, Apple introduced its new iPhone 15 series last month, maintaining price levels, a strategic move aimed at counteracting the global decline in smartphone sales.

Prior to the market opening, Apple’s shares were down by 0.6 per cent. On Wednesday, analysts at KeyBanc downgraded the stock from “overweight” to “sector-weight,” citing concerns that sales growth in the United States, Apple’s largest market segment, was expected to slow in the fourth quarter. This was attributed to fewer consumers in the United States upgrading their devices amid high inflation concerns.

A report from research firm Canalys projected a 12 per cent decline in North American smartphone shipments for the year 2023, further underscoring the challenges faced by the smartphone industry.