Apple CEO Tim Cook offloads 511,000 shares valued at $87.8 MILLION in the company’s biggest sale in two years
The boss of the world’s most valuable company has sold $87.8 million worth of shares as analysts downgraded forecasts about the tech giant’s prospects.
Apple CEO Tim Cook received the shares as part of his annual bonus, but promptly cashed them in this weekend, settling for just $41.5 million in after-tax cash rather than holding on to them.
The world’s first company to be valued at $3 trillion saw its share price peak at $195.83 in July but has fallen 13 percent since then amid a bleak outlook for sales of the iPhone 15 launched last month.
“US sales are likely to struggle based on our view of US upgrade rates as well as limited US iPhone promotions from US carriers,” KeyBanc analyst Brandon Nispel said.
“We expect trends in key markets such as the US to remain soft, putting pressure on International’s growth.”
The tech titan settled for just $42 million in cash after taxes rather than keep the shares
The world’s most valuable company saw its share price fall 13% in three months, driven by bleak sales prospects (pictured this month)
The return on Apple’s savings account is more than ten times higher than the average American savings rate, which currently stands at a paltry 0.39 percent
It is believed Cook received a range of between $170.87 and $173.62 per share, which is consistent with the stock price when he made the sale. Shares closed today at $173.66.
Cook, who has led Apple as CEO since 2011, sold 270,000 shares on Friday and another 241,000 on Monday, according to the Securities and Exchange Commission.
The sale coincided with fellow executives Deirdre O’Brien and Katherine Adams each selling $11 million worth of Apple stock.
It is his biggest sale of the company’s stock since August 2021, when he sold $750 million worth of Apple stock.
But he still owns a net worth of $565 million, which now equates to just 0.02% of the company’s shares, and is believed to have a total fortune of $1.9 billion.
It comes as the Prince and Princes of Wales welcomed Cook to Windsor Castle yesterday to discuss ‘the environment, mental health and other issues’.
It is believed Cook received a range of between $170.87 and $173.62 per share, which is consistent with the stock price when he made the sale. Shares closed today at $173.66
Cook, who took over as boss of the tech giant in 2011 when founder Steve Jobs resigned, posted two photos of the meeting on X, formerly Twitter, last week.
The businessman, 62, stood proudly next to Prince William and Kate, both 41, in one of the images, while the princess looked dapper in a £549 navy Holland Cooper pinstripe blazer and a cream turtleneck.
‘It was a real honor to meet the Prince and Princess of Wales. We had a wonderful and wide-ranging discussion about the environment, mental health and other issues that mean a lot to us all,” Cook wrote in his post.
William, wearing a navy blue suit with a light blue shirt, appeared deep in conversation with the CEO in another photo from their meeting. Two bags that appeared to have the Apple logo printed on them were also spotted in no time.
Cook has long been an advocate for mental health.
The Prince and Princes of Wales welcomed Apple’s CEO Tim Cook to Windsor Castle this week to discuss mental health initiatives
‘It was a real honor to meet the Prince and Princess of Wales. We had a wonderful and wide-ranging discussion about the environment, mental health and other issues that mean a lot to us all,” Cook wrote in his post.
In an interview with Bustle, Apple’s CEO acknowledged that “mental health is a crisis” that spares no one: “I know I’m privileged in so many ways, but none of us are so privileged that mental health isn’t a key factor in to live.’
He also told the publication why the company supported Shine, an inclusive mental health app.
“I think mental health is a crisis. And it’s one that is so often stigmatized. It went on for so long that people suffered in silence and isolation.
“(Shine) has done this incredible job of bringing the community together and putting together a bunch of different things that will make (change) systemic in nature rather than a slogan. So I’m very impressed with what they’re doing and how they got started.”