Tim Cook nets $355 million after selling Apple shares worth $750 million he received in a performance payout

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Apple CEO Tim Cook.

Apple boss Tim Cook has netted $355 million after selling shares he was awarded for his work performance.
Cook was awarded just over $750 million worth of shares after a decade in the top job.
Apple stock has soared under Cook’s watch, helping make the CEO a billionaire.
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It’s been a lucrative week for Tim Cook.

The Apple boss was awarded more than 5 million shares in the technology company as the final part of the compensation package he received when he took over as chief executive a decade ago.

He then promptly sold the stock at prices ranging from $148.30 to $149.97, according to a Securities and Exchange Commission filing published Thursday, bringing in just over $750 million.

The filing said that Apple withheld 2.65 million of the shares, worth around $397 million, to satisfy tax requirements. That left Cook with roughly $355 million.

The Apple CEO received the maximum amount he could have done under the pay agreement, which is linked to the company’s performance in the stock market.

Read more: 2 trading strategists at Charles Schwab share the stock and sector they see offering the most opportunities for investors – and break down why they think shares of Tesla and Apple are out of room to run

Apple shares have soared to new heights during the pandemic as the company has cashed in on the desire for new gadgets during lockdown, hitting a record high of $151.12 earlier this month. The stock has risen more than 440% over the last five years.

Cook became a billionaire during the pandemic, according to Bloomberg, and has a current net worth of around $1.5 billion. He receives a salary of $3 million, but most of his compensation comes in the form of stock.

However, the Apple CEO said in 2015 that he plans to give away most of his fortune to charity. An SEC filing from last week showed that he donated $10 million worth of Apple stock to an unspecified charitable organization.

Read the original article on Business Insider

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