Sunday, November 27, 2022
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Apple’s Tim Cook To Receive $750 Million Bonus

Tim Cook, Apple’s CEO, has received more than five million shares in the company as he celebrates ten years on the job.

According to a business filing with the US Securities and Exchange Commission (SEC), he sold the majority of the shares for more than $750 million (£550 million).

It’s part of a bargain he made when he took over from Steve Jobs, the company’s co-founder.

The prize was based on how well Apple’s stock did in comparison to other companies in the S&P 500 stock index.

Mr Cook was qualified for the reward, according to Apple’s SEC filing, since the company’s shares had increased by 191.83 percent in the previous three years.

It further stated that since he became CEO on August 24, 2011, Apple’s stock price had grown by 1,200 percent.

The business that brought you the iPhone, iPad, and MacBook now has a market capitalization of over $2.5 billion.

Mr Cook agreed to a new salary package last year that would last until the end of 2026.

Mr Cook also contributed roughly $10 million worth of Apple stock to charity earlier this week, according to an SEC filing, without naming the beneficiary.

Mr Cook said in 2015 that he would give away his entire wealth before he died, and he is known to have given tens of millions of dollars to charity.

According to the Bloomberg Billionaire’s Index, he has a net worth of about $1.5 billion.

Mr Cook has frequently expressed his worries about topics such as HIV/AIDS, climate change, human rights, and equality.

He follows in the footsteps of several ultra-wealthy Americans who have stated that they will give away all or a major portion of their fortunes throughout their lifetimes.

Bill Gates, co-founder of Microsoft, and Warren Buffett, an investing expert, established the Giving Pledge in 2010, urging billionaires to give away at least half of their wealth.

Mr Buffett donated another $4.1 billion worth of Berkshire Hathaway stock to charity earlier this year.

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