CEO Tim Cook sells some Apple stock, bringing him $41.5 million
Cook’s stake in Apple came in at 3.28 million shares post-transaction
Apple iPhone 15 now available in stores, online
FOX Business' Susan Li reports live from Apple's flagship store in New York City following the release of the new iPhone.
The head of Apple recently conducted a series of company stock sales worth tens of millions of dollars.
CEO Tim Cook's sales, which appeared in a Securities and Exchange Commission (SEC) filing, involved several hundred thousand of the iPhone maker’s shares. They had a post-tax value of roughly $41.5 million in total.
The disclosure form was published on Tuesday.
Apple CEO Tim Cook looks on during an Apple special event on September 0, 2022, in Cupertino, California. Apple unveiled the new iPhone 14 as well as new versions of the Apple Watch, including the Apple Watch SE, a low-cost version of the popular tim ((Photo by Justin Sullivan/Getty Images) / Getty Images)
Roughly $46.3 million worth of the shares were "withheld by Apple to satisfy tax withholding requirements on settlement of restricted stock units," according to the form.
APPLE REVEALS ITS HIGHLY ANTICIPATED IPHONE 15
For the shares he sold, those transactions were "pursuant to a Rule 10b5-1 trading plan" that dated back to November, it said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 183.36 | +10.33 | +5.97% |
Collectively, the Apple CEO’s sold and withheld shares amounted to nearly $87.8 million.
People visit the Apple Store at the Cumberland Mall in Atlanta, Georgia, May 3, 2022. REUTERS/Alyssa Pointer (REUTERS/Alyssa Pointer)
Cook’s stake in Apple came in at 3.28 million shares post-transaction, the filing showed. That represented well under 1% of the tech giant’s outstanding stock.
APPLE SHARES GET RARE DOWNGRADE
Apple’s value on a market capitalization basis was around $2.72 trillion on Wednesday afternoon. It crossed the $3 trillion mark in late June, FOX Business previously reported.
The Apple Inc. logo at one of the company's stores in Sydney, Australia, on Friday, March 18, 2022. The debut of Apple's latest iPhone brings a change to the way its U.S. customers can purchase the device, a move toward cutting wireless carriers out (Photographer: Brent Lewin/Bloomberg via Getty Images / Getty Images)
The company’s newest iPhone 15 models became available for purchase in September after it officially introduced it and the Apple Watch Series 9 earlier in the month. On Wednesday, the company deployed an update to ameliorate overheating for some of the new devices.
APPLE RELEASES SOFTWARE UPDATE TO FIX IPHONE 15 OVERHEATING
Apple put out its latest quarterly results in early August. The company’s net sales totalled $81.8 billion in the third quarter, falling 1.4% year-over-year. For net income, it generated $19.88 billion, a slight increase from the $19.44 billion in the same period last year.
Cook’s tenure as CEO has so far spanned over a decade. He was COO prior to taking the top job.
Apple Inc