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Apple CEO Tim Cook shed a chunk of shares in his tech giant during this week’s market turmoil, making his biggest scheduled sale in two years. Cook dumped about 511,000 Apple shares in separate sales in the past three days through a 10b5-1 plan, which allows insiders to sell shares under a prearranged structure, according to a regulatory filing . He still has about 3.28 million shares after the sale. This week’s selling program was scheduled on Nov. 28, 2022, the filing said. It is Cook’s largest sale since August 2021, according to data from InsiderScore. He didn’t have such scheduled selling last year. Cook’s action happens to fall in a week where the stock market was rattled by surging bond yields. The S & P 500 dropped 1.4% Tuesday, touching its lowest level since June during the day as the 10-year Treasury yield reached its highest point since 2007. AAPL YTD mountain Apple Shares of Apple fell 0.8% on Tuesday, but they are still positive for the week. The tech giant has outperformed the market significantly this year, rising more than 30%. While Cook’s move this week was preplanned, many investors often look to CEOs and corporate insiders’ actions to gauge their confidence in their own companies and the overall market. Cook, who became CEO in 2011, took a rare 40% pay cut in 2023 . That put his total compensation at $49 million. The company also reduced the number of restricted stock units Cook would receive if he retires before 2026.
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