NEW YORK, NY - MAY 06: Traders work on the floor of the New York Stock Exchange on May 6, 2013 in New York City. Following a week where the Dow Jones industrial average closed at record highs, U.S. stocks were down slightly after the opening bell. (Photo by Spencer Platt/Getty Images)
Apple's top executives have cashed out more than 100,000 shares in the last two weeks, according to the company.
According to the Security and Exchange Commission filings report, the fire sale began June 15 when Apple senior vice president of software engineering sold off 1,911 shares (approximately $821,825). However, his numbers paled in comparison to what came next.
From the TUAW report:
- Apple chief executive Tim Cook sold 41,391 shares for $17,115,178.50
- Senior vice president of operations Jeffrey Williams sold 38,181 shares for $15,787,843.50
- Senior vice president of technologies Bob Mansfield sold 14,465 shares for $5,981,277.50
- Chief financial officer Peter Oppenheimer sold 37,828 shares for $15,641,878
- Senior vice president of worldwide marketing Phil Schiller sold 37,878 shares for $16,287,540
- Apple's general counsel Bruce Sewell sold 37,828 shares for $15,641,878
Most of the shares were vested June 21, so that's the reason for most of the cashing out. The second vestment date is March 21, 2016. Still, while this is "business as usual", we can't help but think that throwing all these shares on the market at one time when Apple stock is flailing can't help the dropping share price.