Apple CEO Tim Cook Gets $750m Payout

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Apple CEO Tim Cook sold most of his Apple shares for more than $750m (£550m) as part of the deal he struck with Apple when he took over the top job from the late Steve Jobs.

That award depended on the performance of Apple shares relative to other companies in the S & P 500 stock index.

According to Apple’s filing with the SEC, Cook was eligible for the award because the tech giant’s shares have risen 191.83% over the past three years, and Apple’s share price has risen 1,200% since he became CEO on August 24, 2011.

Apple Inc., which is behind the iPhone, iPad and MacBook, now has a market value of nearly $2.5 billion.

Last year Cook signed a new pay package that extends until the end of 2026.

An SEC filing also showed that Cook donated nearly $10 million worth of Apple stock early last week to an unnamed charity.

In 2015, Cook declared he would give away his entire fortune before he died and is known to have given tens of millions of dollars to charity.

He currently holds $1.5 billion in assets, according to Bloomberg Billionaires Index.

For more information, view the original story from the BBC.

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