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Tim Cook richer by $57 million after Apple hits $1-trillion mark: Report

According to a US regulatory filing, Cook sold 2,65,000 Apple shares worth $121 million, Business Insider reported late on Wednesday.

business Updated: Aug 30, 2018 11:20 IST
Indo Asian News Service
Tim Cook,Apple,Apple shares
Apple Chief Executive Officer Tim Cook speaks at the Apple Worldwide Developer conference (WWDC) in San Jose, California, US.(REUTERS File Photo)

Apple CEO Tim Cook became richer by over $57 million in a jiffy when he sold shares given to him as the company’s market cap earlier this month exceeded $1 trillion for the first time.

According to a US regulatory filing, Cook sold 2,65,000 Apple shares worth $121 million, Business Insider reported late on Wednesday.

Nearly $64 million of the share options were withheld for tax reasons and Cook took home over $57 million.

The stock awards were in addition to his salary and bonus scheme.

Cook earned $12.8 million last year -- $3 million as base salary and a $9.3 million cash bonus, rising 46%.

“Cook’s net worth is estimated to be $625 million,” the report said.

Earlier this month, Apple became America’s first publicly-traded company to hit the $1-trillion milestone.

Apple, maker of the iPhone, iPad and other devices, said its fiscal 2018 third quarter revenue stood at $53.3 billion, up 17% from the same period last year.

The company is reportedly introducing at least three new iPhone models next month which may include a considerably larger version of the iPhone X and a less expensive version.

First Published: Aug 30, 2018 11:17 IST