“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. ”
Read more in the full article here.
MacDailyNews Take: Not too shabby!
Congratulations to Mr. Cook on his achievements. Now get to work on them Macs.
( Wouldn’t it be funny if there was a tour of his house and he had a PC room where he builds powerful machines for gaming, VR, financial modeling, )
Bernie is pecking at Mr. Bezos and you would seem like a likely target as well. He’s looking for a little of someone else’s money for the Bernie Buffet.
People who support taking other peoples money – but don’t like to publicly acknowledge it – rate your comment at “1-star”.
Taxes are necessary to the functioning of this republic. Taxes are not theft, and it is disappointing that a subset of the citizens of this country have bought into that mindset.
I do not know anyone who likes to pay taxes. But most citizens consider them to be an important obligation as a citizen of this country. We would all like to see them spent more logically and efficiently, of course.
I would be willing to pay more taxes in order to help balance the national budget. I say “help,” because I don’t want to provide Congress with an open account to spend as they please. Congress is already spending too much currying favor and buying votes rather than tending to the real business of this country. So tax increases would have to be complemented by spending cuts to achieve a balanced budget. This is necessary, as the U.S. is on a rapid path to debt default and fiscal collapse in the coming decades. The mathematics driving the growth of the national debt and debt service cost is undeniable, and that is even given historically low interest rates. The trend gets far worse as interest rates rise. Think about it.
The day that business became more important than people was a sad time for this country. The day that corporations were effectively elevated to the status of people (corporations are people and money is speech) was a disastrous time for this country. In a matter of years the corruption of SuperPAC money has rapidly poisoned the politics and the social discourse of this country.
Taxation needs to be eliminated? Someone apparently thought, or imagined so, as they wrote a long-ish note as a rebuttal to an imaginary statement.
Too bad this person didn’t direct their energy to the real issue of the day, where certain spokespeople deem it proper to claim a sort of ownership to what resides in someone else’s back pocket. It’s such an interesting tendency and often posed in a hero-like posture, when in reality, it’s a culturally degrading pursuit. History tells us so, as there’s no example in time, that’s right, no historical example where claiming ownership of another’s resources, proves sustainable. Govt, as Buffet, sounds like such a grand plan, but it’s merely a shifting of the deck chairs where no one comes out ahead.
Would you like to talk about taxation now?