Tim Cook Earned $750 Million Last Week Through 5 Million Apple Shares
As per the 2011 agreement, the payment of Tim Cook¡¯s compensation package was dependent on the performance of Apple¡¯s stock compared to other companies in the S&P 500.
Apple CEO, Tim Cook has received over five million shares of Apple stock this week, selling most of the stock for over $750 million, according to an SEC filing that was posted by Apple yesterday.
Reuters
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This portion of Apple stock is the final instalment of Tim Cook¡¯s compensation package that was offered to him when he took the reins of the company a decade ago, succeeding Steve Jobs.
As per the 2011 agreement, the payment of Tim Cook¡¯s compensation package was dependent on the performance of Apple¡¯s stock compared to other companies in the S&P 500.
Apple managed to maintain its spot in the top third in the list of companies, allowing a total shareholder return of 191.83 over the past three years and holding the 13th position out of 442 companies on the list, highlighted the filing.
Ever since Tim Cook took control over Apple, the company¡¯s stock has gone up by a whopping 1,200 percent. Apple today is valued at almost $2.5 trillion.
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Today, Tim Cook has a net worth of $1.5 billion (as per Bloomberg Billionaire Index) and also enjoys the position of being one of the few company billionaire CEOs who aren¡¯t the founders of the company.
Last year, Cook received a new compensation package that runs through 2026 and a major chunk of his overall compensation is in the form of restricted stock units.
Reuters
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However in case you were wondering Tim Cook is on his path to becoming the world¡¯s richest man, you¡¯d be surprised to know that Cook had previously announced (in 2015) that he plans to give most of his wealth to charity before he dies.
In fact, just earlier this week, Cook has donated almost $10 million worth of Apple shares to charity, without sharing the name of the recipient.
