Apple CEO Tim Cook is set to cash in on a hefty sum from selling a portion of his Apple stock. According to a filing with the U.S. Securities and Exchange Commission, Cook will gain over $50 million by selling 223,986 shares of Apple stock.
This move comes at a time of significant change for the tech giant. Apple’s current CFO, Luca Maestri, is set to step down in January 2025, with Kevan Parekh poised to take his place. This transition has sparked both anticipation and caution among investors.
Adding to the momentum, Apple is gearing up for a historic product launch with the upcoming release of the AI-powered iPhone 16. Analysts predict this innovative device could push Apple’s valuation beyond $4 trillion.
Despite some challenges, including a 6.5% decline in sales within Greater China, Cook remains optimistic about the company’s long-term growth in the region. Apple’s recent third-quarter earnings surpassed expectations, although concerns about China and the performance of its Services sector impacted stock prices.
Prior to this sale, Cook held over 3 million Apple shares, with the remaining unsold stock valued at over $500 million. Stock grants make up the majority of his compensation package.
In addition to the recent stock sale, Cook was also granted an additional 219,502 shares of Apple stock. Of these, 54,876 shares are scheduled to vest in one-third increments in April 2027, 2028, and 2029. The remaining 164,626 shares are performance-based, set to vest on October 1, 2027. The vesting of these performance-based shares depends on Apple’s performance from fiscal 2025 to fiscal 2027, with potential vesting ranging from 0% to 200% of the target number.
Apple’s stock closed at $226.78 on Wednesday, rising 0.25% for the day. In after-hours trading, the stock inched up an additional 0.084%. Year to date, Apple shares have climbed 22.16% according to data from Benzinga Pro.
While Cook’s stock sale might raise eyebrows, it’s a strategic move as Apple navigates a landscape of changing priorities and innovative launches. The company’s continued focus on long-term growth, alongside the anticipated success of the AI-powered iPhone 16, offers a glimpse into Apple’s future trajectory.
