Apple Inc. Chief Executive Officer Tim Cook sold stock worth about $41 million after taxes in his biggest sale in more than two years as the shares of the iPhone maker slide off recent highs.
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. He still has about 3.28 million shares in the Cupertino, California-based company where he’s worked for more than two decades, according to data compiled by Bloomberg.
The share sale comes after Cook took a rare pay cut of about 40% to $49 million for 2023. As part of the changes to his compensation, his stock awards tied to Apple’s performance will increase to 75% this year from 50% previously.
Read the full story on Bloomberg here.