Apple CEO Tim Cook nets $41 million in largest stock sale in two years 

In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing.

Cook's recent transaction involved the sale of 511,000 shares, initially valued at approximately $87.8 million before factoring in tax deductions. This follows a significant stock sale in August 2021 that raked in $355 million for Cook.

The filing reveals that even after this sale, Tim Cook still retains ownership of around 3.3 million shares, with a total value of approximately $565 million.

Add WION as a Preferred Source

While Apple's shares once soared to a record high of $198.23 in July, they have since experienced a 13 per cent decline. Investors have expressed concerns over the slower-than-expected recovery in smartphone demand.

Notably, Apple introduced its latest iPhone 15 lineup just last month, without increasing prices. This strategic move was seen by industry experts as a response to a global decline in smartphone sales.

Prior to the stock market's opening, shares of the Cupertino-based tech giant were down by 0.6 per cent.

In response to these market dynamics, analysts at KeyBanc downgraded Apple's stock rating from "overweight" to "sector-weight" on Wednesday. Their apprehensions primarily stem from worries that sales growth in the United States, Apple's largest geographical market, is poised to decelerate further in the fourth quarter. The brokerage highlighted the fact that escalating inflation was discouraging fewer American smartphone users from upgrading their devices.

A report from research firm Canalys projected a substantial 12 per cent decline in North American smartphone shipments for 2023, adding to the concerns surrounding Apple's performance in the region.

(With inputs from Reuters)

WATCH WION LIVE HERE