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

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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.

apple cfo luca maestri
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.

Tags: AAPL, Luca Maestri

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Top Rated Comments

TVreporter Avatar
TVreporter
49 months ago
Good for him - now he’ll be able to max out the ram on the upcoming Mac Pro.
Score: 53 Votes (Like | Disagree)
3
3304614
49 months ago

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.)
Score: 45 Votes (Like | Disagree)
Joe Rossignol Avatar
Joe Rossignol
49 months ago

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.
Score: 40 Votes (Like | Disagree)
TheYayAreaLiving 🎗️ Avatar
TheYayAreaLiving 🎗️
49 months ago

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! 🫡 🙏🏻
Score: 18 Votes (Like | Disagree)
Abazigal Avatar
Abazigal
49 months ago
Good for him.
Score: 18 Votes (Like | Disagree)
I
incoherent_1
49 months ago
I’d be smiling like a Bond villain too if I just made $16 mil!
Score: 11 Votes (Like | Disagree)
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