Apple chief executive Tim Cook receives $750m payout

Apple chief executive Tim Cook received over five million shares of the tech giant as he celebrates ten years in his job.

According to the US Securities and Exchange Commission (SEC), he has sold most of his shares for more than $750m (PS550m).

It’s part of a deal that he made when he took over the company from Steve Jobs.

The performance of Apple’s shares compared with other companies on the S&P 500 stock market index determined the award.

Apple filed with the SEC that Mr. Cook was eligible for the award because the company’s shares have risen by 191.83% in the past three years.

It was also noted that Apple shares had risen 1,200% in the year since Mr. Apple became chief executive, 24 August 2011.

The market value of the company that created the iPhone, iPad, and MacBook is now almost $2.5tn.

Last year, Mr. Cook accepted a new salary package that would run through 2026.

An SEC filing showed that Mr. Cook had donated nearly $10m in Apple shares earlier this week to charity. However, he did not name the recipient.

Cook declared in 2015 that he would give his entire fortune to charity. He is well-known for having donated tens to millions of dollars to charity.

According to Bloomberg Billionaire’s Index, he currently has a net worth of around $1.5bn.

Cook has spoken out many times about his concerns regarding HIV/AIDS, climate change, and human rights and equality.

 

He is following other super-rich US businessmen who have stated that they would give all or a substantial portion of their fortunes during their lifetimes.

Bill Gates, co-founder of Microsoft, and Warren Buffett, an investment veteran, launched the Giving Pledge in 2010. It called for billionaires to give at least half their fortunes away.

An additional $4.1bn in shares from his Berkshire Hathaway company was donated by Mr. Buffett earlier this year to charity.

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