Apple ( AAPL. O) CHIEF Executive Officer Tim Cook sold his largest stake in two years, after a $41.5 million tax, showing a U.S. securities filing.
Cook sold 511,000 shares, worth $87.8 million before accounting for taxes, according to a filing dated Tuesday. He made $355 million from a stock sale in August 2021.
The Apple chief owns about 3.3 million shares, worth about $565 million, after the sale, the filing shows.
The company’s shares fell 13% from their record high of $198.23 in July as investors worried about a slower-than-expected recovery over smartphone demand.
Apple launched its new iPhone 15 lineup last month without raising prices, a move that some industry observers said was a response to the global smartphone slowdown.
Shares of the Cupertino, California-based company fell 0.6% in pre-bell trading.
Analysts at KeyBanc on Wednesday downgraded the stock from “overweight” to “sector-weight” on concerns that sales growth in the U.S. — Apple’s largest geographic segment — could slow again in the fourth quarter.
The brokerage noted that fewer phone users in the US are likely to upgrade their devices as they deal with higher inflation.
