UNITED STATES: Tim Cook, Apple’s CEO, recently completed his largest share sale in two years, netting $41.5 million after taxes, as revealed in a U.S. securities filing. In a filing dated Tuesday, it was revealed that Tim Cook sold 511,000 shares, originally valued at approximately $87.8 million, before accounting for taxes. His previous stock sale in August 2021 yielded $355 million.
The Apple chief holds approximately 3.3 million Apple shares, which are currently worth around $565 million after the sale, as per the filing. The company’s stock has experienced a 13% decline from its peak of $198.23 in July as investors fret about a sluggish rebound in smartphone demand.
Last month, Apple introduced its latest iPhone 15 lineup without increasing prices, a strategic decision that some analysts believed was prompted by the worldwide slowdown in smartphone demand. Ahead of the market opening, shares of the California-based tech giant, Cupertino, experienced a 0.6% decline.
On Wednesday, analysts from KeyBanc lowered their rating for the stock from “overweight” to “sector-weight” due to concerns that Apple’s sales growth in the United States—its largest geographical segment—would likely decelerate in the fourth quarter.
The brokerage highlighted that the increasing challenges posed by high inflation might deter a significant number of U.S. smartphone users from upgrading their devices. Per a report by research firm Canalys, it was anticipated that smartphone shipments in North America would experience a 12% decline in 2023.
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