Apple CEO Tim Cook recently received an additional $355 million. The Apple CEO’s recent wealth addition has had a significant impact on his net worth. Tim Cook reportedly just cashed in the last part of his decade-old compensation package.
Apple CEO Tim Cook
The story from Mashable states that Tim Cook, Apple CEO, is now cashing in the last part of his decade-old compensation package. Tim Cook’s compensation package consisted of 5,040,000 Apple shares, which is worth approximately $750 million.
An official SEC filing dated August 24, 2021 shows that Apple had in fact withheld 2,653,560 shares for tax purposes. Cook quickly sold the remainder, which allowed the CEO to take home a staggering $355 million.
Tim Cook Purchases Apple Stock
Cook had already received compensation from Apple in August 2011. This was when Tim Cook assumed the Apple CEO role. According to reports, the number of shares the Apple CEO would get was tied to his performance. It was also measured by Apple stock’s performance. Jeff Bezos is not only the richest retired person, but he’s also the wealthiest man alive. He has held that title for quite some time.
The stock performed well, rising from $13.50 in August 2011, to its current price of $147.54. Apple is now the world’s largest company with a market capital of $2.44 trillion. Millionaires were once mostly made in business. However, YouTubers like JeffreeStar have a net worth currently of $100 million.
Tim Cook After Steve Jobs
However, it wasn’t an easy task as Tim Cook had the job of replacing Steve Jobs, one of the most successful CEOs of all-time, due to complications from pancreatic cancer.
According to an article from the Economist, Apple CEO was sometimes criticised for not having the same innovative drive it had throughout the entire Steve Jobs era.
It’s difficult to argue with Cook’s market results at the moment. An article from BBC states that Tim Cook signed a new compensation package in 2020 which will continue through 2026.
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Tim Cook Net Worth
Cook was already a billionaire before this significant payout. According to Bloomberg , Tim Cook has a net worth currently of $1.5 billion. In 2015, Cook stated that he would donate his net worth to charity.
A Google search has revealed that his net worth now stands at $1.4 Billion. While this is not as high as Jeff Bezos and Elon Musk’s, it is still significant to be in the club of billionaires. Steve Jobs had an earlier net worth of $10.2 million at the time of his passing in 2011.
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Written by Urian.