Apple's Financial Chief Luca Maestri Sells Apple Shares Worth Over $16 Million

[MacRumors]

Apple's chief financial officer Luca Maestri sold 96,735 shares of Apple stock valued at around $16.9 million in two transactions completed on Wednesday, according to a filing with the U.S. Securities and Exchange Commission (SEC) released today.

The transactions were made pursuant to a predetermined trading plan adopted by Maestri in November 2021 and modified in February 2022, in accordance with insider trading laws. Maestri still holds around 110,000 shares of Apple stock following the sale, according to the SEC filing.

Maestri joined Apple in 2013 and is part of the company's senior executive team, reporting directly to CEO Tim Cook. As chief financial officer, he oversees Apple's accounting, financial planning and analysis, treasury, investor relations, internal auditing, real estate, business support, and tax functions, according to Apple.

Apple's stock closed at $171.52 today and is up nearly 32% since mid-June. Last month, Apple reported a new June quarter record with $83 billion revenue, driven by sales of iPhones and the company's growing portfolio of services.

This story has been updated to reflect an amendment made to the SEC filing. The original form indicated that Maestri's predetermined trading plan was adopted in November 2020, but the amended form indicates the plan was adopted in November 2021.

Article Link: Apple's Financial Chief Luca Maestri Sells Apple Shares Worth Over $16 Million

 

[Abazigal]

Good for him.

 

[TheYayAreaLiving 🎗️]

Either he knows a recession is coming or come Fall, Apple stocks may be down. So he pulled the trigger. But good for him. 👏

 

[TVreporter]

Good for him - now he’ll be able to max out the ram on the upcoming Mac Pro.

 

[Joe Rossignol]

Either he knows a recession is coming or come Fall, Apple stocks may be down. So he pulled the trigger. But good for him. 👏

That's not how it works at all. Senior executives like Luca Maestri have a predetermined trading plan in accordance with insider trading laws.

Oh boy stock market in for a rude awakening anyway joe said it’s the best economy ever 🤣🤣🤣

Just FYI, AAPL is up nearly 32% since mid-June.

 

[AhRiHmAn]

Being Apple's CFO must be the best job in the world 😋

 

[The Barron]

Apple will be setting another 52 week high after the next Earnings Report. Hang on to all you have for retirement.

 

[syklee26]

This is such a no big deal…

 

[3304614]

Either he knows a recession is coming or come Fall, Apple stocks may be down. So he pulled the trigger. But good for him. 👏

It is neither of those two reasons you just gave. This sale was part of a predetermined plan put into place years ago. It was a predetermined sale of a predetermined amount of shares at a predetermined date. If the stock price was down, the sale would have executed as planned. If the stock price was up, the sale would have executed as planned. If the economy was doing well, the sale would have executed as planned. If the economy was doing poorly, the sale would have executed as planned. If Apple had record profit, the sale would have executed as planned. If Apple had a surprise profit decline, the sale would have executed as planned. (So on and so forth.)

This is (one of many reasons) why company executives utilize plans like this to sell their shares (to avoid the appearance that they are selling based on any insider knowledge and such). It‘s called “Rule 10b5-1”.

(Note: I own no stock in Apple. No financial interest at all.)

 

[Octavius8]

83 BILLION in revenue and can’t keep employees happy nor make a decent “dialer app” for the iPhone!!
WE are fools…

 

[TheYayAreaLiving 🎗️]

That's not how it works at all. Senior executives like Luca Maestri have a predetermined trading plan in accordance with insider trading laws.


Just FYI, AAPL is up nearly 32% since mid-June.

It is neither of those two reasons you just gave. This sale was part of a predetermined plan put into place years ago. It was a predetermined sale of a predetermined amount of shares at a predetermined date. If the stock price was down, the sale would have executed as planned. If the stock price was up, the sale would have executed as planned. If the economy was doing well, the sale would have executed as planned. If the economy was doing poorly, the sale would have executed as planned. If Apple had record profit, the sale would have executed as planned. If Apple had a surprise profit decline, the sale would have executed as planned. (So on and so forth.)

This is (one of many the reasons) why company executives utilize plans like this to sell their shares (to avoid the appearance that they are selling based on any insider knowledge and such). It‘s called “Rule 10b5-1”.

(Note: I own no stock in Apple. No financial interest at all.)

Well explained. Thank you! 🫡 🙏🏻

 

[Leon Ze Professional]

I'm sure his grin is even wider and more pronounced than what is shown on the cover image to this article.

 

[incoherent_1]

I’d be smiling like a Bond villain too if I just made $16 mil!

 

[antiprotest]

I don't trust him with that look. He looks like he just took all my money. He should circulate a different picture. 🤨

 

[ddauerbach]

Either he knows a recession is coming or come Fall, Apple stocks may be down. So he pulled the trigger. But good for him. 👏

The transactions were made pursuant to a predetermined trading plan adopted by Maestri in November 2020, in accordance with insider trading laws.

 

[TheYayAreaLiving 🎗️]

I don't trust him with that look. He looks like he just took all my money. He should circulate a different picture. 🤨

How come we don’t feel like that when we get to look and see Craig Federighi? 😓

Do you prefer Tim Cook’s look?

 

[Leon Ze Professional]

How come we don’t feel like that when we get to look and see Craig Federighi? 😓

Do you prefer Tim Cook’s look?

The glare resonating from Craig's pearly whites is momentarily distracting. So it's not the first thought that pops into your head.

 

[Kabeyun]

I’d be smiling like a Bond villain too if I just made $16 mil!

Beat me to it. “I’d have that look on my face, too!” Well done.

 

[dweb619_2]

He has to make room for all the money flowing through next month.

 

[SoldOnApple]

You can't take the shares with you when you die. You have to sell them at some point and use the money for houses, holidays, educating family, supporting kids business ventures, etc.

 

[ellsworth]

My goal is to one day own 1,000 shares of Apple. I can't even begin to imagine what it feels like to own 206,735 shares currently worth $35,459,187.20.

Homeboy was compensated $27 million in 2021 by Apple. The value of his yearly stock award is 25 times more than his base pay. Wowie!

 

[svish]

Lot of shares and a lot of money!

 

[Karma*Police]

Apple will be setting another 52 week high after the next Earnings Report. Hang on to all you have for retirement.

Wishful thinking. Luca knows what he’s doing. You’ll make a lot more shorting Apple here. 27 P/E for a company that is expected to grow 5%? If that?? It’s essentially a utility company now. I wouldn’t be surprised if it dips below the last low. It’s overpriced fundamentally and it’s overbought from a technical perspective. Get out or sell calls and/or buy puts. You can thank me later.

 

[calstanford]

Maybe he wants to buy a house in the Bay Area. After taxes that's just about 8 MM. Doesn't even buy you that much around Cupertino in the hills.

 

[Gasu E.]

Either he knows a recession is coming or come Fall, Apple stocks may be down. So he pulled the trigger. But good for him. 👏

He's not holding stocks as investment. This is part of his income. All executives have a plan for converting their stock bonuses to cash that they file with the SEC.