Apple CEO Tim Cook made a substantial earning of $41.5 million following his largest share sale in two years, as revealed in a filing with the US Securities and Exchange Commission.
The sale involved Cook divesting himself of 511,000 shares valued at approximately $87.8 million before tax deductions. Notably, the Apple leader had previously made $355 million from a stock sale in August 2021.
After the sale, he still retains ownership of approximately 3.3 million Apple shares currently valued at around $565 million, according to the filing.
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Apple CEO Tim Cook
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However, Apple’s stock has experienced a 13% decline from its record high of $198.23 in July, which has raised concerns among investors about the pace of the recovery in smartphone demand.
This decline coincides with Apple’s recent launch of its iPhone 15 lineup, which maintained pricing amid a global smartphone market slump.
Furthermore, analysts at KeyBanc downgraded Apple’s stock from an “overweight” rating to “sector-weight” on concerns of a slowdown in sales growth in the US, Apple’s largest market segment. The downgrade was influenced by expectations that fewer US consumers would upgrade their devices due to high inflation.
This sentiment was further corroborated by a report from research firm Canalys, projecting a 12% decline in North American smartphone shipments for 2023. As a result, Apple faces challenges in navigating the evolving smartphone landscape.
Edited by Kanishk Singh
