Tim Cook, the CEO of Apple, made the following money by selling thousands of shares

— (Reuters) Tim Cook, the CEO of Apple, gained $41.5 million after taxes on his largest share transaction in the last two years, according to a U.S. securities filing.

According to the statement from Tuesday, Cook sold 511,000 shares, which were valued around $87.8 million before taxes. In August 2021, he sold some shares and earned $355 million.

Following the transaction, the Apple CEO now controls roughly 3.3 million shares, which are worth about $565 million, according to the filing.

Investors’ concerns about a slower-than-anticipated rebound in smartphone demand have caused the company’s shares to decline 13% from their record high of $198.23 in July.

Last month, Apple introduced its new iPhone 15 series without boosting pricing, a reaction to a worldwide smartphone downturn, according to some industry observers.

In pre-bell trading, shares of the Cupertino, California-based business decreased by 0.6%.

On Wednesday, KeyBanc analysts lowered the stock’s rating from “overweight” to “sector-weight” due to concerns that sales growth in the United States, Apple’s biggest market, was expected to slow down once again in the fourth quarter.

The brokerage observed that when Americans struggled with rising inflation, fewer phone users were inclined to replace their gadgets.

According to a study by the research company Canalys, North American smartphone sales are predicted to decline by 12% in 2023.