Five top Apple execs — including Tim Cook and Phil Schiller — unloaded $143 million AAPL shares as part of a 10b5-1 planned sale, according to a new report from Barron’s.
Cook sold 348,425 Apple shares for $35,250,297, while Schiller dropped 348,846 shares for $35,256,000.
Other Apple higher-ups who did the same include CFO Luca Maestri, who sold his entire direct holdings for $1,631,286; Jeffrey E. Williams, senior vice president of operations, who raked in $35,233,446; and Bruce D. Sewell, general counsel and senior vice president of legal and government affairs, who made $35,393,915 on the deal.
The sales came between September 5 and 22, days after Apple shares hit a record high, following this year’s 7-to-1 stock split.
Cook now owns less than a 1 percent stake in Apple. He previously sold off chunks of stock in 2010, 2011 and 2012.
Shares in Apple are still up strongly this year, having gained around 27 percent. They closed down 89 cents, or 0.9 percent, yesterday, with analysts attributing it to noise regarding the sturdiness of the iPhone 6’s (or more specifically 6 Plus’s) design.
Luke Dormehl is a U.K.-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Apple Revolution and The Formula: How Algorithms Solve All Our Problems … and Create More, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme and other publications.
14 responses to “Top Apple execs sell $143 million worth of stock”
why would you want to only own less than a one percent stake in one of the biggest companies in the world? can anyone explain this? what reason would they have besides the 35million obviously? or is this purely just financial gain?
Because the Apple gravy-train huge-markups will soon be over due to competition, and the stock will take a beating because of it.
There can be two types of stock. At Google for example they have class A, B, and C. Each with a different amount of votes per share. Tim’s stock could, for example, have 20 votes a share. Even though his percentage has decreased. He could still have a huge impact because he’s getting 20 votes per share of the stock he still have. Sergey Brin and Larry Page has a tiny percent stake but still collectively still control the company because their stock gives them 20 votes a share.
Taking a “New Venture Finance” class at college and we just talked about this.
And for all you people who don’t understand what a 10b5-1 is, a 10b5-1 is a planned sell or buy in the future date. A lot of C and D level executives use 10b5-1 to buy or sell stocks because many times dates are blacked out to fight insider trading. This date was predetermined by Tim and Co in the past.
What happened to the other comments?
What do they know the sheeple do not?
Another bubble getting ready to pop as the ultra wealthy begin to pull out
“let’s sell before the Bendgate/iOS 8.01 fiasco hits the market “
“10b5-1 planned sale” keyword PLANNED. As in predetermined in advance
As in, they already knew the phone was flawed.
The iPhone 6 wasn’t created over night. It had been “planned” probably for more then a year.
unloaded $143 million AAPL shares as part of a 10b5-1 planned sale,
Read more at http://www.cultofmac.com/297706/top-apple-execs-sell-143m-worth-stock/#e5vsPYdPe2gh090h.99
NOT 143 million AAPL shares … they sold shares worth $143 million …. fremdschämen …
It’s disgusting how much money these individuals make.
Apple’s high growth is over… Why not channel a little of your wealth into some startups with a better chance of high percentage gains.
They are maxing out their profits. Smarties
ITT: People that do not know how the stock market works and are talking out of their ass.