Ternus Takes the Stage as Apple Unveils $2,400 Foldable iPhone

Apple's new CEO, John Ternus, took over the top job just eight days ago and has already been handed a $55 million equity target. As he prepares to take the stage at the Cupertino keynote, Apple is set to unveil its most expensive iPhone yet - the foldable iPhone Ultra, starting at $2,400.

The device's high price is likely due in part to the increasing cost of memory, which has seen exponential increases according to Tim Cook. Cook, who will be staying on as executive chairman, saw his salary cut from $3 million to $2 million and received a $45 million target equity award.

With production limited to just a few hundred units per day, shipments may not arrive until October or early November. Morgan Stanley predicts that 6.5 million units will be sold in the December quarter, generating around $14 billion in revenue.

Ternus inherits a company that has already been stretching its pricing limits. The new CEO is a hardware engineer who spent his career building Apple products and now faces what could be the company's biggest hardware cycle in over a decade.