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Tim Cook Celebrates 10 Years As Apple CEO With $750m

Apple CEO Tim Cook received more than five million shares, worth three-quarters of a billion dollars, from the tech company after celebrating ten years on the job.

On Thursday, a regulatory filing to the US Securities and Exchange Commission (SEC)’s watchdog revealed his transactions.

Cook sold more than five million shares of the tech giant for over $750 million, the filing said.

Over the past few years as the iPhone maker’s head, he had received lofty stock awards, some of which were part of a deal he struck when he replaced co-founder and former CEO Steve Jobs.

One of the incentives depended on Apple’s stock performance on the S&P 500 stock index between 2018 and 2021.

The shares were awarded to Cook this week as the company achieved one of the best performances in the index, generating almost 192% return for shareholders in the last three years.

In a document, Apple said Cook was eligible for the award, as its shares had risen 1,200% since he became CEO in 2011.

The tech firm, known for creating the world-famous iPhone and iPad, has achieved a market valuation of $2.5 billion.

Apple (AAPL) is the most valuable company worldwide and has also seen its stock rise 11% so far this year.

In 2020, Cook agreed to a new salary package in effect until late 2026.

The CEO’s windfall came a year after he became a billionaire. According to the Bloomberg Billionaires Index, his fortune was estimated at $1.5 billion.

Also, days earlier, Cook donated 70,000 Apple shares valued at $10 million to charities, another regulatory filing showed Tuesday.

Cook, who joined Apple in 1998, held several senior positions at the company before being named CEO on August 24, 2011, following Steve Jobs’ resignation.

In 2014, he made history when he became the first Fortune 500 CEO to publicly come out as gay.

A year later, he vowed to donate his entire fortune before he died. Cook has given away tens of millions of dollars to charities in recent years.

The CEO has often raised concerns about climate change, human rights, equality, and HIV and AIDS.