“By coincidence or design, Tim Cook was scheduled to receive a boatload of Apple stock the same day he stopped a market rout,” Philip Elmer-DeWitt reports for Fortune.
“In August 2011, when Tim Cook was tapped to replace the ailing Steve Jobs, Apple’s board of directors awarded him 1 million restricted stock units (RSUs), half to vest in five years, the rest in 10. At the time they were awarded, the shares were worth $323 million.,” P.E.D. reports. “At Cook’s request, the terms under which those shares are distributed were changed two years later; the shares now vest on a yearly basis, according to a complicated formula that includes an incentive tied to the company’s performance.”
“Were Cook’s 280,000 RSUs ever at risk?” P.E.D. asks. “Was Tim Cook aware when he sent that note to Cramer that 280,000 of his restricted shares were scheduled to vest that day by a formula that might, in theory, have reduced the value of his holdings by some $14.4 million? I gave Apple PR several chances to answer that one. So far, they’ve declined.”
Read more in the full article here.
MacDailyNews Take: Tim’s email opened quite the can of worms!
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