- Tim Cook has cashed in $US121 million of stock awards just weeks after Apple became a trillion-dollar company.
- More than half, or $US63.7 million, of the share options were withheld for tax reasons, while Cook pocketed over $US57 million.
- The stock awards are in addition to his salary and bonus plan, which rose 46% to $US12.8 million last year.
Apple CEO Tim Cook has taken advantage of the company’s soaring share price and cashed in $US121 million worth of stock awards.
Just weeks after Apple became the first US company to break the $US1 trillion valuation milestone, Cook was awarded 560,000 shares by the iPhone maker last Friday, according to a regulatory filing.
The stock options were worth $US121 million before tax, and Cook wasted no time cashing them in. More than half, or $US63.7 million, of the options were withheld for tax reasons, while Cook pocketed over $US57.3 million.
The Financial Times said the stock vesting ranked among the biggest in years. Cook received stock worth $US89 million last year and $US136 million in 2016 after he passed his fifth anniversary as CEO.
The stock awards are in addition to his salary and bonus plan. The Apple boss took home $US12.8 million last year, including his $US3 million base salary and a $US9.3 million cash bonus. It was a 46% raise on 2016.
Cook’s net worth is estimated to be $US625 million. He has said he is not motivated by money and plans to give away all his fortune to charity when he dies.
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