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Apple CEO Tim Cook sold about $33 million worth of his company stock and received just under half that amount after taxes.
As detailed in a filing with the Securities and Exchange Commission, Cook sold 196,410 shares in multiple batches. Based on reported per-share prices, Cook earned between $33.04 million and $33.23 million before taxes.
These amounts are just a fraction of the estimated $355 million he made by selling five million shares in 2021. It's also not as much as the last time he sold shares, when he received about $41.5 million in October 2023.
The 2023 sell-off came at a time when Apple shares were trading lower than usual, and the same thing is happening now. Apple stock has fallen so far from its all-time high in December 2023 that firms like Loop Capital have recently advised against buying Apple stock.
However, few analysts recommend actively selling them, as there are positive signs of recovery.
However, as first noted by MacRumors, the SEC filing notes that the sale “was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting party on November 28, 2022.”
So Cook has a trading plan. While the details of Cook's decision are unknown, it means his shares will be automatically put up for sale if certain conditions are met.
There are insider trading laws that govern how CEOs can or cannot sell shares of their firms, but Cook still has the ability to sell outside of his predetermined plan. That's exactly what he did in 2021, when he received five million shares as the final part of his original 2011 contract to be CEO.
Besides this large sale and smaller sales that appeared to be triggered automatically by his trading plan, Cook generally held on to his Apple shares. For example, he did so throughout 2022, a time when many other Apple executives saw some profit.
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