Apple Inc. Chief Executive Officer Tim Cook sold stock worth about $41 million after taxes in his biggest sale in more than two years as the shares of the iPhone maker slide off recent highs.
Tim Cook sold 5,11,000 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 Tim 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.
Mr 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, according to data compiled by Bloomberg.
Apple shares hit an all-time high in July and have since declined more than 12% amid a wider tech selloff. KeyBanc Capital Markets Inc. downgraded the stock on Wednesday citing a weaker sales growth outlook. The shares fell about 1.2% in premarket trading before New York exchanges opened.
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