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.Updated: Aug 30, 2018 11:20 IST
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