Apple CEO, Tim Cook, Earns Profit of IDR 647 Billion from Biggest Share Sale in 2 Years

Apple CEO, makes a profit after selling shares in Apple (photo: twitter @tim_cook)

JAKARTA - Apple CEO, Tim Cook, managed to reap a profit of 41.5 million US dollars (IDR 647 billion) after tax in his biggest share sale in the last two years. This report was seen in a US securities filing.

Cook sold 511,000 shares, which were worth around US$87.8 million (IDR 1.3 trillion) before tax, according to a filing dated Tuesday, October 3. He has made 355 million US dollars (IDR 5.5 trillion) from selling shares in August 2021.

The Apple CEO currently owns around 3.3 million shares worth around US$565 million (IDR 8.8 trillion) after the sale, as seen in the filing.

The company's shares have fallen 13% from their record high of 198.23 dollars in July as investors worry about a slower-than-expected recovery in smartphone demand.

Apple launched its new iPhone 15 line last month without raising prices, a move some industry observers said was a response to a global decline in smartphone sales.

Shares of the Cupertino, California-based company fell 0.6% in closing trading.

Analysts at KeyBanc downgraded the stock to "sector-weighted" from "overweight" on Wednesday over concerns that sales growth in the United States - Apple's largest geographic segment - will likely slow again in the fourth quarter.

The broker noted that fewer mobile phone users in the United States will likely upgrade their devices as they face high inflation.

A report from research firm Canalys shows that smartphone shipments in North America are expected to fall 12% in 2023.