Apple (AAPL) chief executive officer (CEO) Tim Cook and other senior executives have sold more than $70 million U.S. of company stock in April as the share price declines.
The stock sales also come ahead of Apple’s next earnings report that is scheduled for May 2.
Apple’s stock has declined 10% so far in 2024 to trade at $167.04 U.S. per share. However, the decrease has accelerated recently, with the stock dropping 5% in the past month.
The technology giant is expected to announce bad results for this year’s first quarter, with International Data Corp. (IDC) recently reporting that Apple shipped 50.1 million iPhones in Q1, down 9.6% from a year earlier.
In March of this year, the Department of Justice sued Apple in an antitrust case, alleging the company has violated federal law to preserve its dominant position in the smartphone market.
CEO Cook sold $33.3 million U.S. of Apple stock so far in April at an average price of $169.33 U.S. per share.
Cook sold Apple’s stock 12% below its peak of $192.53 U.S. reached in December 2023.
At the same time, Apple chief operating officer (COO) Jeff Williams sold 59,162 Apple shares on April 11 for $10.2 million U.S. at an average price of $172.22 U.S. each.
General counsel Katherine Adams and Deirdre O’Brien, senior vice-president of retail, each sold 54,732 shares on April 2 for $9.2 million U.S.
And chief financial officer (CFO) Luca Maestri sold 53,194 Apple shares on April 11 for $9.3 million U.S. He sold the stock at an average price of $174.12 U.S. per share.
The executive stock sales were made through Rule 10b5-1 trading plans that automatically execute trades when conditions such as price, volume, and timing are met.
The trading plans, which comply with U.S. Securities and Exchange Commission (SEC) rules, are meant to remove any potential for an insider to benefit from knowledge of non-public information.