The head of Apple recently conducted a series of company stock sales worth tens of millions of dollars.
CEO Tim Cook’s sales, which appeared in a Securities and Exchange Commission (SEC) filing, involved several hundred thousand of the iPhone maker’s shares. They had a post-tax value of roughly $41.5 million in total.
The disclosure form was published on Tuesday.
Roughly $46.3 million worth of the shares were “withheld by Apple to satisfy tax withholding requirements on settlement of restricted stock units,” according to the form.
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For the shares he sold, those transactions were “pursuant to a Rule 10b5-1 trading plan” that dated back to November, it said.
Collectively, the Apple CEO’s sold and withheld shares amounted to nearly $87.8 million.
Cook’s stake in Apple came in at 3.28 million shares post-transaction, the filing showed. That represented well under 1% of the tech giant’s outstanding stock.
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Apple’s value on a market capitalization basis was around $2.72 trillion on Wednesday afternoon. It crossed the $3 trillion mark in late June, FOX Business previously reported.
The company’s newest iPhone 15 models became available for purchase in September after it officially introduced it and the Apple Watch Series 9 earlier in the month. On Wednesday, the company deployed an update to ameliorate overheating for some of the new devices.
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Apple put out its latest quarterly results in early August. The company’s net sales totalled $81.8 billion in the third quarter, falling 1.4% year-over-year. For net income, it generated $19.88 billion, a slight increase from the $19.44 billion in the same period last year.
Cook’s tenure as CEO has so far spanned over a decade. He was COO prior to taking the top job.