Apple's CEO Tim Cook has boosted his net worth by $16 million after selling 196,410 shares of Apple stock this week, according to a filing with the U.S. Securities and Exchange Commission.
Apple CEO Tim Cook Sells 200K Apple Stocks
(Photo : NIC COURY/AFP via Getty Images)
Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.
The sale, which followed a predetermined trading plan, saw Cook net nearly $16.4 million after taxes. These shares were awarded to Cook as part of a performance-based stock award.
Despite the sale, Cook still retains ownership of nearly 3.3 million shares of Apple's stock, maintaining his significant stake in the company he has led since 2011, MacRumors report.
This transaction marks a notable increase in Cook's wealth, although it is significantly less than previous sales. In 2021, Cook made headlines by selling five million shares, totaling an estimated $355 million. However, the recent sale comes amid a decline in Apple's stock price since its all-time high in December 2023.
AppleInsider tells us that Cook's adherence to a trading plan, established in November 2022, ensures compliance with insider trading laws. This plan automatically triggers the sale of shares under specific conditions, providing transparency and regulatory compliance to Cook's transactions.
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Latest from Apple
Meanwhile, Apple has recently laid off over 600 employees in California. Insider reports that these layoffs primarily affected projects such as Apple's secretive electric vehicle development and a project aimed at improving smartwatch screens. These moves reflect Cook's efforts to streamline operations and prioritize key initiatives amidst market challenges.
Recent data from Counterpoint Research indicates a decline in iPhone sales, with a 24% drop in the first six weeks of 2024 compared to the previous year. This decline underscores the challenges faced by Apple in a competitive market, despite anticipation for upcoming AI announcements later this year.
(Photo : NIC COURY/AFP via Getty Images)
Apple CEO Tim Cook sold 196,410 shares, netting $16.4 million after taxes, part of a pre-planned trading scheme. Cook retains ownership of 3.3 million shares.
In Other News
Apple engineers are currently working on personal robots, a big shift from their prior EV technology efforts. This shift in focus, according to Bloomberg, highlights Apple's desire to expand its product offerings and seek new revenue streams.
The effort focuses on developing robots that can aid users in their homes. These robots are intended to follow people around and provide useful services, which could range from housekeeping to videoconferencing support.
Apple's decision to shift its focus to personal robots comes after the company abandoned its plans to enter the electric vehicle sector. Despite years of speculation and constant leaks, the tech giant recently ended its decade-long EV project, opting instead to focus on other promising ventures.
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