Apple’s Chief Financial Officer, Luca Maestri has sold off a batch of shares worth $16.9 million. The sale was performed on Wednesday, says an SEC filing. It was part of an arranged trading plan.
As reported by MacRumors, the sale equals a hefty amount of Maestri’s total ownership of Apple shares. Following the second sale, Maestri still has 110,673 Apple shares in his portfolio, worth over $18.9 million as of Apple’s $171.52 share price on Saturday night.
Maestri performed two sales of Apple shares on August 17, the Securities and Exchange Commission filing states. One transaction was for 66,390 shares, sold for $174.66 each, while the other was 30,345 shares fetching $175.60 apiece.
A total of 96,735 shares were sold by Maestri on that day, and it was reported to the SEC two days later by Maestri’s “attorney-in-fact,” Sam Whittington.
Maestri pre-arranged a trading plan long in advance of the actual sale. The filing states the trading plan was adopted on November 16, 2020, and was modified on February 26, 2021, long before the transactions took place.
The long delay Maestri put between arranging the sale and the sale itself discounts any possibility that the sale was a reaction to recent events or trends.
