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

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.

Top Rated Comments

TVreporter Avatar
21 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)
mattoruu Avatar
21 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
21 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)
Abazigal Avatar
21 months ago
Good for him.
Score: 18 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
21 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)
incoherent_1 Avatar
21 months ago
I’d be smiling like a Bond villain too if I just made $16 mil!
Score: 11 Votes (Like | Disagree)

Popular Stories

reset password request iphone

Warning: Apple Users Targeted in Phishing Attack Involving Rapid Password Reset Requests

Tuesday March 26, 2024 4:34 pm PDT by
Phishing attacks taking advantage of Apple's password reset feature have become increasingly common, according to a report from KrebsOnSecurity. Multiple Apple users have been targeted in an attack that bombards them with an endless stream of notifications or multi-factor authentication (MFA) messages in an attempt to cause panic so they'll respond favorably to social engineering. An...
iPhone Home Screen Gradient Blank Spaces 1

Sources: iOS 18 Lets Apps Be Placed Anywhere on Home Screen Grid

Sunday March 24, 2024 1:33 pm PDT by
iOS 18 will give iPhone users greater control over Home Screen app icon arrangement, according to sources familiar with the matter. While app icons will likely remain locked to an invisible grid system on the Home Screen, to ensure there is some uniformity, our sources say that users will be able to arrange icons more freely on iOS 18. For example, we expect that the update will introduce...
iPad Pro 2024 Landscape Camera Feature

New iPad Pro Again Rumored to Feature Landscape Front-Facing Camera

Monday March 25, 2024 5:43 am PDT by
The next-generation iPad Pro will feature a landscape-oriented front-facing camera for the first time, according to the Apple leaker known as "Instant Digital." Instant Digital reiterated the design change earlier today on Weibo with a simple accompanying 2D image. The post reveals that the entire TrueDepth camera array will move to the right side of the device, while the microphone will...
maxresdefault

Apple Announces WWDC 2024 Event for June 10 to 14

Tuesday March 26, 2024 10:02 am PDT by
Apple today announced that its 35th annual Worldwide Developers Conference is set to take place from Monday, June 10 to Friday, June 14. As with WWDC events since 2020, WWDC 2024 will be an online event that is open to all developers at no cost. Subscribe to the MacRumors YouTube channel for more videos. WWDC 2024 will include online sessions and labs so that developers can learn about new...
sonoma desktop wwdc

Apple Releases macOS Sonoma 14.4.1 With Fix for USB Hub Bug

Monday March 25, 2024 10:10 am PDT by
Apple today released macOS Sonoma 14.4.1, a minor update for the macOS Sonoma operating system that launched last September. macOS Sonoma 14.4.1 comes three weeks after macOS Sonoma 14.4. The ‌‌‌‌macOS Sonoma‌‌ 14.4‌.1 update can be downloaded for free on all eligible Macs using the Software Update section of System Settings. There's also a macOS 13.6.6 release for those who...
apple maps 3d feature

Apple Maps May Gain Custom Routes With iOS 18

Tuesday March 26, 2024 3:10 pm PDT by
Apple may be planning to add support for "custom routes" in Apple Maps in iOS 18, according to code reviewed by MacRumors. Apple Maps does not currently offer a way to input self-selected routes, with Maps users limited to Apple's pre-selected options, but that may change in iOS 18. Apple has pushed an iOS 18 file to its maps backend labeled "CustomRouteCreation." While not much is revealed...
Generic iOS 18 Feature Purple

iOS 18 Will Finally Bring This Android Feature to iPhone

Monday March 25, 2024 6:42 am PDT by
iOS 18 will allow iPhone users to place app icons anywhere on the Home Screen grid, according to sources familiar with development of the software update. This basic feature has long been available on Android smartphones. While app icons will likely remain locked to an invisible grid system on the Home Screen, our sources said that users will be able to arrange icons more freely on iOS 18....
Generic iOS 18 Feature Purple

iOS 18: What to Expect From 'Biggest' Update in iPhone's History

Wednesday March 27, 2024 11:10 am PDT by
At least some Apple software engineers continue to believe that iOS 18 will be the "biggest" update in the iPhone's history, according to Bloomberg's Mark Gurman. Below, we recap rumored features and changes for the iPhone. "The iOS 18 update is expected to be the most ambitious overhaul of the iPhone's software in its history, according to people working on the upgrade," wrote Gurman, in a r...