Apple CEO Tim Cook Makes $41 Million From Biggest Stock Selloff In 2 Years

Apple CEO Tim Cook sold 511,000 shares recently, making $41.5 million after taxes. These shares were originally worth about $87.8 million before taxes. This was Cook's largest share sale in two years, with his previous stock sale in August 2021 netting him $355 million.

After the sale, Tim Cook still holds approximately 3.3 million Apple shares, valued at around $565 million.?

Apple's stock has seen a 13% drop from its peak of $198.23 in July due to concerns among investors about a slower-than-expected rebound in smartphone demand.

Last month, Apple introduced its iPhone 15 series without increasing prices, which some experts believed was a response to the worldwide decline in smartphone sales.?

Apple's stock was down by 0.6% in pre-market trading.

On Wednesday, analysts at KeyBanc downgraded Apple's stock from "overweight" to "sector-weight." They expressed concerns about the potential slowdown in sales growth in the United States, Apple's largest market, especially in the fourth quarter.?

The brokerage pointed out that rising inflation made it less likely for American phone users to upgrade their devices.?

Agencies

Additionally, a report from research firm Canalys indicated that smartphone shipments in North America were expected to decline by 12% in 2023.

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