Two Apple officials cash in some stock
Just in time to purchase a new yacht or luxury home for the holidays, a pair of Apple officials just sold some of their company stock in exchange for cold, hard cash.
According to SEC filings released by the company, Apple general counsel Bruce Sewell sold 2,438 shares of AAPL at about US$549 and another 2,700 shares for about $550 per share. The sale of shares last Thursday netted Sewell about $2.8 million. Sewell had also sold 5,137 shares of AAPL stock on November 1, pulling in more than $3 million.
Apple Chairman of the Board Arthur Levinson also sold shares last Thursday. He let go of 7,500 shares valued at $560.65 for a payday of $4.2 million.
Why are they selling some of their shares? Who knows. It could be to avoid paying taxes at an expected higher rate in 2013, or they might just need the cash to buy some holiday gifts.