Apple CEO Tim Cook has sold a huge chunk of his Apple shares, according to a security filing. He will pocket about $41 million. Although he has offloaded these shares his Apple stock will remain the same as he received the same number of shares as per his annual compensation package.
Cook has sold the shares at a time when the Cupertino giant’s stock value is declining. However, the sale was scheduled about 10 months ago. Apple shares have fallen by 9 percent in September, its worst fall so far in 2023.
According to a filing in the Securities and Exchanges Commission (SEC) Apple CEO Tim Cook sold 241,000 shares on Monday. Previously owned shares by Cook amounting to 270,000 shares had been withheld for tax purposes. Tim Cook is expected to get $41.4 million after taxes.
The last time Apple CEO offloaded a huge chunk of his company shares was in August 2021. At that point in time, Tim Cook received $355 million from the sale of Apple stock, according to reports.
Although Apple remains the most valuable company in the world, it has seen a fall in its market capitalization from its $3.1 trillion evaluation in July. It has a current market cap of $2.7 trillion.
Forbes reported that Tim Cook’s estimated current net worth is $1.9 billion. His common stock shares of Apple are 3,280,052 shares, approximately .02 percent of all outstanding shares, according to the outlet. This stake is worth approximately $565 million.
Apple still remains an extremely successful company but is also seeing a downward slump like the rest of the market or a course correction depending on one’s viewpoint. Apple’s iPhone 15 sales are not as robust as expected as consumers are more inclined to spend on essentials rather than discretionary purchases and might continue to do so till the economy becomes robust.
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