Tim Cook Offloads Over 220K Apple Shares Worth $50M

Apple Inc. AAPL CEO Tim Cook is set to gain over $50 million from selling 223,986 shares of Apple stock, according to a U.S. Securities and Exchange Commission filing.

What Happened: Earlier this week, Cook was also granted 219,502 additional 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 Oct. 1, 2027. The vesting of these shares depends on Apple’s performance from fiscal 2025 to fiscal 2027, with potential vesting ranging from 0% to 200% of the target number.

As of early 2024, Cook held over 3 million Apple shares. The unsold stock is valued at over $500 million, with stock grants forming the bulk of his compensation package.

See Also: TSLA, AMZN, WMT, NKE, BABA: Top 5 Trending Stocks Today

Why It Matters: Cook’s Apple stock sale comes amid a period of significant transitions and developments for the company. Apple’s CFO Luca Maestri is set to step down in January 2025, with Kevan Parekh poised to take over, stirring investor anticipation and caution.

Furthermore, Apple is preparing for a historic upgrade cycle with the launch of the AI-enabled iPhone 16, which analysts predict could drive the company’s valuation past $4 trillion.

Despite challenges, including a 6.5% decline in Greater China sales, Cook remains optimistic about long-term growth in the region.

Apple’s recent third-quarter earnings exceeded expectations, though concerns about China and Services performance impacted stock prices.

Price Action: Apple’s stock closed at $226.78 on Wednesday, gaining 0.25% for the day. In after-hours trading, the stock inched up an additional 0.084%. Year to date, Apple shares have risen by 22.16%, according to data from Benzinga Pro.

Read Next:

• OpenAI’s SearchGPT Set To Disrupt Google’s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition

Photo courtesy: Apple

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.