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Documents filed with the U.S. Securities and Exchange Commission (SEC) today show that Apple CEO Tim Cook sold about $41 million worth of stock, the largest sell-off in more than two years.
SEC documents show that Cook sold 511,000 shares of Apple stock and made approximately $41 million (after tax). After this sell-off, Cook still holds approximately 3.28 million shares of Apple stock.
Cook’s stock sell-off also coincided with a rare 40% cut in his annual salary, to $49 million. As part of the salary adjustment, Cook’s stock awards linked to Apple’s performance this year have also been increased from the previous 50% to 75%.
In comparison, Cook received $99.4 million in compensation in 2022, including a base salary of $3 million and approximately $83 million in stock incentives and bonuses.
In addition to Cook, other Apple executives also disclosed stock sales, including senior vice presidents Deirdre O’Brien and Katherine Adams, who each sold $11.3 million in stock.
Cook’s last major stock sell-off was in August 2021, when he sold more than $750 million in Apple stock after ten years as CEO. After deducting taxes, the net amount was approximately US$355 million.
In July this year, Apple’s stock price hit a record high. Since then, Apple shares have fallen more than 12% amid a broader sell-off in technology stocks.
Today, investment bank KeyBanc Capital Markets downgraded Apple’s stock rating, citing bleak sales growth prospects. In pre-market trading today, Apple’s stock price fell by about 1.2%.
Source: Sina Finance
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