23 November 2024, Sat |
7:42 AM
Apple’s CEO, Tim Cook has received over $750 million bonus on his 10th work anniversary. According to a regulatory filing, the billionaire got more than five million shares in the firm, valued about $750 million, as he celebrated his tenth year on the job, and subsequently sold the shares worth $750 million.
This award was a part of an agreement he made when he took over from Steve Jobs, the company’s co-founder, on August 24, 2011. This award was triggered this week because Apple’s share was a top performer in the S&P 500, compared to other companies.
According to Apple’s filing with the US Securities and Exchange Commission, Cook has qualified for the award because the company’s value had increased by 191.83 percent in the previous three years. It further stated that since he took charge as the CEO, Apple’s stock price has risen by 1,200 percent.
The SEC filing also reviewed that Tim Cook agreed to a new compensation package last year that will last until 2026 and has also contributed about $10 million worth of Apple stock to charity earlier this week but did not mention the charity.
This recent donation was in line with his statement in 2015 when he declared that he would give away his entire wealth before his death, and he is reported to have given tens of millions of dollars to charity.
The philanthropist has expressed his worries about HIV/AIDS, climate change, human rights, and equality on numerous occasions.
Mr. Cook is estimated to be worth $1.5 billion by Bloomberg Billionaires Index. He joins the ranks of a handful of ultra-rich Americans who have proclaimed that they would give away all or a significant chunk of their fortunes throughout their lives.
Bill Gates, co-founder of Microsoft, and Warren Buffett, an investment expert, founded the Giving Pledge in 2010, urging billionaires to donate at least half of their wealth.
Tim Cook joined Apple in 1998 and rose through the ranks to become CEO in 2011 after co-founder Steve Jobs stepped down.
