finance economics

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

Cook has started selling Apple stocks again, cashing in $50 million in the initial batch

2024/10/11

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Tim Cook, the CEO of Apple Inc., is selling shares of the company, with the initial sale amount from his latest two-year trading plan reaching $50 million, exceeding more than half of the total cash-out from his previous selling action.

According to documents submitted by Cook to the U.S. Securities and Exchange Commission (SEC), he acquired 477,301 shares of Apple stock on October 1 through existing restricted stock holdings, and sold 223,986 shares on October 2, cashing out $50.3 million at an average price of $224.

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46 per share. The remaining 253,315 shares are temporarily withheld by Apple to meet the withholding tax requirements associated with the restricted stock units (RSUs).

Cook initiated the 10b5-1 trading plan on May 24, which will run until May 24, 2026. Such selling plans are typically adopted by corporate executives and directors to eliminate the potential trading advantages arising from insider knowledge of non-public information. The system will automatically execute trades when the pre-set stock price, volume, and timing conditions are met.

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