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Apple Inc. AAPL CEO Tim Cook has sold company shares valued at over $33 million. What Happened : Shares were sold over two days, from Apr. 1 to Apr. 2, at prices ranging from $168.62 to $170.03. On the initial day, Cook divested 99,183 shares at $170.03 each, according to the company filing. The subsequent day saw the sale of 97,062 shares at an average price of $168.62 and an additional 165 shares at $169.30 per share. These transactions amounted to a substantial decrease in Cook’s direct holdings in Apple stock, which dwindled to 3,280,180 shares. The sales were conducted under a pre-arranged trading plan, referred to as a Rule 10b5-1 plan, which Cook had initiated on Nov. 28, 2022. This plan enables company insiders to sell a set number of shares at a designated time, helping to mitigate allegations of insider trading. See Also: Meme Coins Have Value? BitMEX Co-Founder Arthur Hayes Says Don’t Dismiss Them: ‘You Can Poo Poo These Things As Stupid And Valueless, But..’ Cook acquired a significant number of shares through the vesting of restricted stock units (RSUs). These transactions, part of Cook’s compensation package, were settled in shares of common stock on their scheduled vesting date. Apple withheld shares to satisfy tax withholding requirements upon settlement of these RSUs. Why It Matters : Insider transactions often provide insights into executives’ views on the company’s future. However, transactions under a 10b5-1 trading plan are typically scheduled in advance and may not always reflect the insider’s discretionary trading behavior. Previously, in October, Cook and other Apple executives sold over $100 million in stock. This latest sale comes amid a series of significant events for Apple. In March, Cook hinted at opening more stores in Shanghai amid declining sales in
China , and Apple found itself in the spotlight due to a ‘dangerous’ DOJ lawsuit. More recently, Apple has allowed EU users to download apps directly from developer websites with its latest iOS 17.5 beta update. Read Next:
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