“Tim Cook, chief executive of Apple, has cashed in more than $120m worth of stock options, thanks to the iPhone maker’s soaring share price that has pushed its valuation above $1tn,” Tim Bradshaw reports for Financial Times. “Mr Cook received a huge stock award in August 2011 when he took over running the company from Steve Jobs, Apple’s co-founder who was then ailing, with the shares set to vest over the subsequent decade.”
“Mr Cook has not received any new stock grants since but the latest vesting ranks among his biggest in recent years, thanks to Apple’s surging share price that has outperformed the broader stock market,” Bradshaw reports. “A regulatory filing on Tuesday showed that he had been given 560,000 shares, worth a total of $121m, before tax.”
“More than half of the $121m worth of stock options that Mr Cook has cashed in over several days since he received the award last Friday were withheld to cover tax obligations. The remainder netted Mr Cook more than $57m,” Bradshaw reports. “Mr Cook said in 2015 that he planned to donate almost all of his personal fortune, estimated at $700m by Bloomberg, to charitable causes before he dies. ”
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MacDailyNews Take: Not too shabby!