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Apple's Eddy Cue Sells More Than $37 Million Worth of Stock
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Mostly because the stock market is about to tank due to the elections. I'm pretty sure they will rebuy when everything has bottomed out.
I assume you understand that what you're describing is treading very close to an SEC violation?
I like how when the people that actually know what's happening point out why he sold the stock. Everybody just ignores them and keeps on talking nonsense lol.
This means nothing.
This means nothing.
So you're saying you cannot sell your stocks if you see that the entire stock market is treading downwards? I'm no expert, just looking for a valid reason as to why it is a SEC violation.
He did that in 2012:
https://forums.macrumors.com/thread...y-cue-cashes-in-8-8-million-in-stock.1502307/
I wonder where he's putting all that $$$ into. He should already be good for retirement and Housing.
Relax I was joking. I made the same lame joke everyone makes every time an Apple exec sells of their shares even though we know they sell on a schedule.
If you are an executive of a company, with insider knowledge, no, you can't. If you want to sell shares in that position, you have to notify the SEC a long time ahead of when you are going to sell how many shares. You can't sell shares, even if there is a reason that is clearly visible for everyone.
Don't make lame jokes then. Wasn't funny the first time, still isn't funny.
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It seems you didn't get it whatsoever.
Let's say you get a grant for 10,000 shares at $100 each, or one million dollar.
The tax office says "You received one million dollar, please pay us income tax". In Eddy Cue's case, apparently 36%.
You _have_ to pay that tax. $360,000. The tax office doesn't care where that money comes from.
So since you don't have $360,000 in the kitchen drawer, you sell 3,600 shares at $100, make $360,000, hand the money over to the tax office.
You don't pay tax on the sale, because you sold shares that you received worth $360,000 for the exact same amount, no profit. You _do_ pay $360,000 in tax for the million you received. If you sell the other 6,400 shares in five years time for $100 each, you pay no tax again because $100 was what you got them for; no profit. If you manage to sell the other 6,400 shares in five years time for $200 each, then you pay tax on the $640,000 profit that you made.
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That's stupid. He has tons of money. He makes lots of money as an Apple executive. In that situation, you don't care what might save you a few dollars, you focus on what makes your life simple and risk free, so you can focus on making more money.
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Corporate officers such as this have to file a plan to sell shares well, well in advance of actually doing so. In many cases, shares are scheduled to be sold many months to even years in advance. This means nothing regarding the current state of the company, or about Eddie Cue's thoughts on the company, or anything else.
You all should be cashing out of the market too, it's about to crash (even more then it already has).
I can't think of a single thing Eddy Cue has done in the past 5 years to warrant this reward. It's reward for failure and incompetence. That is what's wrong with corporate America/Britain.
I wonder if we'll see Tim Crook and the rest of his Clown Posse cashing out like this.
He already does as most other executives within Apple and plenty of other companies do and have been doing for ages.
Maybe Tim let the cat out of the bag and told him the new spaceship really isn't going to fly?
Apple iTunes chief Eddy Cue brought in quite a bit of money this week, according to documents filed with the United States Securities and Exchange Commission. Cue cashed in 335,000 Apple shares at an average price of $111.86, netting himself $37,473,100.
Cue's windfall follows the September vesting of 525,000 restricted stock units, which were worth approximately $59.6 million at the time. The shares represented the final 75 percent of the 100,000 restricted stock units Cue was awarded in November of 2011, which became 700,000 RSU's after Apple's 7-for-1 split in 2014. The first 25 percent of Cue's RSUs vested two years ago, on September 21, 2014.
Cue put his full September award of 268,695 shares after taxes into a family trust, which is also what he has done with the 335,000 shares that were cashed in this week. Following the transaction, Eddy Cue continues to hold 1,464 shares of Apple stock.
Apple SVP of hardware engineering Dan Riccio has also cashed in 33,323 shares worth between $110.09 and $110.90, netting 3,677,115.
Article Link: Apple's Eddy Cue Sells More Than $37 Million Worth of Stock
[doublepost=1478412602][/doublepost]Maybe Tim let the cat out of the bag and told him the new spaceship really isn't going to leave earth?
There is no SEC violation. What is prohibited is trading on material, non-public information, disclosed by an insider. Even if Eddy Cue is personally manipulating the election, that by itself is not insider trading.
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Yes, because like most people they work in exchange for compensation.
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Apple's revenue and net income have nearly doubled in the time frame you described. If that's your idea of "failure and incompetence" and "what's wrong with America/Britain" then maybe it's time to seek professional help.
I'd love to know what Eddie Cue does the whole day at Apple. I mean, Apple Music and TV are clearly a disaster in terms of usability and interface. The algorithms for suggestion and curation are simply terrible. I changed to Spotify and started discovering new bands and songs based on my musical taste, and it just works! Apple Music kept suggesting (almost like pressuring me) Taylor Swift, Drake and other hip hop *****.
Steve Ballmer also brought in record profits, though at the expense of growth and innovation, I see that as failure. I'm not happy Tim Cook doing to apple what Steve did to Microsoft .....profit is not the Only measure of success , in fact it's one that can hide failure . What happens when profts stop and your product line cannot be milked anymore....Microsoft , Sony , all been there and apple is following in my opinion
When RSU vest, tax has to be paid, and a certain amount are sold to cover that debt. He won't get an of that money.
Not even close. Apple could make zero updates to all their product lines, AND do nothing to fix their problems (holes) and still be in buisiness for at LEAST a few more years.
They're all selling because they know it's all downhill from here.
HW Exec?....hmmmm. I would sell my stock too if I just torpedoed my company with bonehead decisions like the iPhone 7 headphone jack removal and turning the Mac Pro into an expensive brick. Good luck Eddy....or maybe not.