Apple CEO Tim Cook sells $55 million worth of stock in the company for the first time this year
- Cook executed a pre-planned stock sale of 265,160 Apple shares on Monday
- It was his first sale of Apple stock since a $57.7M sale a year ago
- Cook continues to own 854,849 Apple shares through a trust after the sale
Apple CEO Tim Cook has sold millions of dollars of the company’s stock in his first such sale of the year.
Cook sold 265,160 Apple shares on Monday for a total of $54.7 million, an average price of $206.17 per share, according to a filing with the Securities and Exchange Commission.
The sale was executed under Rule 10b5-1, a preset trading plan in which an executive sells stock under advance specifications to avoid the appearance of bias or insider trading.
Apple CEO Tim Cook sold 265,160 Apple shares on Monday for a total of $54.7 million
One day before the sale, Cook acquired 560,000 Apple shares through restricted stock units that vested.
Apple withheld 294,840 shares to satisfy tax-withholding requirements for the vesting of the restricted stock units.
After the sale, he continues to own 854,849 Apple shares through a trust, worth about $178 million at current prices.
Cook also owns unvested restricted stock units representing 1.82 million Apple shares.
It comes nearly exactly a year after Cook’s last sale of Apple stock on August 27, 2018. In that transaction he sold 265,160 shares for $57.7 million.
So far this year, Apple stock has surged more than 30 percent, and the shares are up 3.8 percent this quarter.