Apple CEO Tim Cook has done pretty well for himself since taking over the late Steve Jobs’ position in 2011.
Cook became richer by over $57 million USD recently 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 USD, 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 USD.
Every year, if Apple outperforms two-thirds of the S&P 500 index, Cook receives a large amount of previously restricted Apple shares, which he can then do with as he pleases. The large “slugs” of stock make Cook one of the most highly-paid executives in the tech industry.
Since Cook has been Apple’s CEO, however, he’s collected $650,382,235 USD in stock awards. “After adding salary, and other bits of compensation, he’s collected $701 million in pay since 2011, according to [executive compensation firm] Equilar’s analysis,” reads Business Insider‘s report. Even after Tuesday’s sales, he still holds over 800,000 shares of Apple, worth over $195,000,000 on Wednesday’s opening price of $220.15.”
“Cook has been one of the highest paid CEOs in the tech industry over the past seven years, and Apple’s stock price has nearly quadrupled since he was granted 7 million shares when he first became CEO,” Alex Knowlton, senior research analyst at Equilar, said in an email.
Cook also receives income from his position on Nike’s boards of directors and also has opportunities to make money from other investments. According to Equilar, Cook’s net worth is somewhere around $625 million USD.
“The only other CEO who has realized more value in the same time period is [Facebook CEO] Mark Zuckerberg, who exercised 1.2 million options over two years,” Knowlton continued.
Cook plans to give the majority of his fortune to charity. Earlier this month, he transferred $5 million USD in Apple stock to a charity an Apple representative declined to name at the time.
Apple became the first American company with a $1 trillion USD market cap earlier this month.