New regulatory filings show that Apple (AAPL) CEO Tim Cook has sold more than $50 million U.S. of company stock.
According to a filing with the U.S. Securities and Exchange Commission, Cook sold 223,986 shares of Apple stock worth a little more than $50 million U.S. at the start of October.
The sales were executed under a rule 10b5-1 trading plan that was established earlier this year. Such plans execute stock sales automatically when preset conditions, such as price, are met.
Rule 10b5-1 trading plans are designed to prevent company insiders from gaining an unfair advantage or benefitting from non-public information that’s available only to company insiders.
Cook isn’t the only senior executive at Apple who has sold company stock in recent days.
The same filing with the SEC revealed that chief operating officer (COO) Jeff Williams sold 59,370 shares worth $13.50 million U.S.
Additionally, Deirdre O’Brien, senior vice-president of retail, and Katherine Adams, Apple’s head of legal, each sold $13.80 million U.S. worth of Apple stock since the start of October.
Apple’s share price has risen 30% over the last 12 months to trade at $225.67 U.S. per share.
