Tim Cook has reportedly sold $41.5 million worth of Apple shares, marking his first sale of stock since 2021, selling 511,000 shares in the iPhone maker to take his total ownership in shares down to 3.3 million, worth $585 million.
As outed in a filing released by the U.S. Securities and Exchange Commission, Cook has made his biggest stock sale in more than two years. Cook sold about 241,000 shares, according to a filing with the US Securities and Exchange Commission on Tuesday, with another roughly 270,000 shares being withheld for tax purposes.
Tim Cook took the reins as Apple’s CEO in 2011, with the company awarding Cook shares as part of his lucrative compensation package.
Earlier this year, Cook requested a ~$50 million pay cut compared to the year before. The changes will see Cook’s base salary of $3 million cash remain the same as 2022, as well as his annual cash incentive of $6 million remaining unchanged. However, Cook’s equity award value will drop from $75 million in 2022 to $40 million this year.