Apple’s CEO, Tim Cook, recently executed his largest sale of the company’s stock in over two years, coinciding with a decline in the value of the tech giant’s shares since their peak earlier this summer.
According to a regulatory filing, Cook disclosed that he sold 511,000 shares of Apple stock at prices ranging from $171 to $173 per share, totaling $87.8 million. Despite this sale, he still retains ownership of 3.28 million Apple shares. It’s worth noting that in August 2021, Cook sold approximately 4.6 million shares, valued at over $750 million.
In addition to Cook, two Senior Executive Vice Presidents at Apple, Deidre O’Brien and Katherine Adams, also opted to sell a portion of their shares, each realizing proceeds of approximately $11.3 million.
Apple had been a leader in the tech stock rally earlier this year, reaching an all-time high of $196.45 per share on July 31st, representing a year-to-date increase of over 50%. However, since that peak, Apple’s share price has declined by about 12%.
As of 3 p.m. ET on Wednesday, the news of the stock sales did not have a significant impact on Apple’s share price, which remained relatively stable. Notably, long-time Apple supporter Brandon Nispel of KeyBanc downgraded the stock, citing high valuations and potential challenges in U.S. iPhone sales as concerns.
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