Apple CEO, cash out nearly 300 million yuan!
Per editor: Lu Xiangyong, Du Yu
According to a filing with the U.S. Securities and Exchange Commission (SEC) on October 3, Apple CEO Tim Cook sold 511,000 shares worth about $41 million (about 299.36 million yuan) after tax, the largest in more than two years, as Apple's stock price fell from record highs.
Bloomberg compiled data showing that after more than 20 years at Apple, he still owns about 3.28 million shares of Apple stock.
According to public information, Cook's last large-scale stock sell-off was in August 2021, when he sold more than $750 million of Apple shares after ten years as CEO, with a net income of about $355 million after taxes.
Prior to Cook's sale, there was a rare salary cut of about 40% in 2023 to $49 million. According to the US Consumer News and Business Channel (CNBC) and the Wall Street Journal, Apple said in a filing on January 12 that CEO Tim Cook received a total compensation of $99.42 million in 2022, but compensation will be reduced in 2023.
Apple said that in 2022, Cook received $3 million in salary, $12 million in non-equity incentive program compensation, and about $1.5 million in all other compensation. He also received nearly $83 million in stock awards.
The company said that in 2023, Cook's target total compensation is $49 million. As part of the change, the percentage of shares awarded to Cook in 2023 linked to Apple's performance will increase from 50% to 75%.
Apple said the compensation committee approved the 2023 targets after balancing "shareholder feedback, Apple's excellent performance, and Cook's proposal to adjust its compensation based on the feedback received."
Other Apple executives also disclosed stock sales, including senior vice presidents Deirdre O'Brien and Katherine Adams, who sold $11.3 million each.
It is worth noting that Apple's current stock is also at a high point, starting from January this year, its stock began to go all the way up, at a price of $129, the highest rushed to $197.99 in July, and in the last three months, Apple's stock price began to fall again, and this sell-off is also a high reduction.
As of Wednesday's close, Apple (AAPL) was up 0.73% at $173.66, with a market capitalization of $2.7 trillion.
On the same day, investment bank KeyBanc Capital Markets downgraded Apple's stock rating, citing bleak sales growth prospects. In premarket trading, Apple shares fell about 1.2% at one point.
According to previous reports by the Securities Times, when the iPhone 15 series officially went on sale, the topic of "iPhone 15 and Plus breaking" once rushed to the hot search. According to Shenzhen Huaqiangbei sources, the iPhone 15 series mobile phone "market demand situation is indeed not ideal." So far, there are still a lot of spots, and basically no one grabs them." Both the iPhone 15 Pro and iPhone 15 Pro Max have premium prices.
Additionally, some early iPhone 15 Pro users reported overheating issues with their iPhones.
Social media screenshots
On Wednesday, local time, Apple released a software update to solve the overheating problem reported by some early buyers of the iPhone 15 Pro series. Apple said the update "provides important bug fixes and security updates that address issues that could cause iPhones to run hotter than expected." The update also applies to older iPhones and iPads.
Apple blamed apps like Uber, Instagram and some games on Saturday, as well as vulnerabilities in the iPhone's software itself. Apple said the settings of the new device could overwork the processor, causing the body to overheat. The company said the software update won't slow down the iPhone 15 Pro's new A17 Pro chip.
As a well-known Apple product analyst, Guo Mingxi recently posted on the X platform that everything is going smoothly, and Apple's iPhone revenue and profit in the fourth quarter will be better than expected.
In terms of breakdown, Guo Mingxi pointed out that early sales data shows that iPhone 15 Pro Max shipments have been revised up to 35 million units this year, higher than the 28 million units of iPhone 14 Pro Max last year.
He said that the iPhone 15 Plus may usher in an increase in orders because of its previous low expectations and not so bad in real sales. But iPhone 15 and iPhone 15 Pro sales are lower than expected, and if Apple does not cut prices, the two models may be cut.
He also insisted that shipments of the iPhone 15 series of mobile phones will reach 80 million units this year, an increase of 5.3% over last year's 14 series. The big selling of the iPhone 15 Pro Max will be the main growth driver of Apple's iPhone business in the fourth quarter of 2023.
Editor|Lu Xiangyong Du Yu Gai Yuanyuan
Proofreading | Tang Yawen
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