According to a United States Securities and Exchange Commission report, Apple (AAPL.O) Chief Executive Officer Tim Cook gained $41.5 million after taxes from his largest share transaction in the past two years.
According to the statement made on Tuesday, Cook sold 511,000 shares, which, before considering the impact of taxes, were worth around $87.8 million. In August 2021, he sold some of his shares and made $355.0 million.
According to the filing, after the transaction, the CEO of Apple controls around 3.3 million shares, which have a value of approximately $565 million.
As a result of investor anxiety caused by a rebound in smartphone demand occurring more slowly than anticipated, the company’s share price has dropped by 13% since reaching a record high of $198.23 in July.
Apple introduced its new iPhone 15 series at the beginning of this month without increasing pricing, a decision that some industry observers saw as a response to a fall in the global smartphone market.
In trading before the opening bell, shares of the corporation, with headquarters in Cupertino, California, fell by 0.6%.
On Wednesday, analysts at KeyBanc downgraded the stock from “overweight” to “sector-weight” due to concerns that sales growth in the United States, Apple’s largest geographical segment, was expected to slow down again in the fourth quarter. This was the reason for the downgrade.
The brokerage firm found that fewer phone users in the United States were likely to update their devices due to rising inflation. This was because phone upgrades are often expensive.
According to a survey compiled by the research company Canalys, the number of smartphones shipped to the North American market is anticipated to decrease by 12% in 2023.
