How Tim Cook Made a Hefty $41M Off Apple Stocks: Shocking Details Inside
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Apple CEO’s Big Move in the Stock Market
The CEO of Apple has recently sold a substantial number of shares, securing a handsome amount for himself.
Tim Cook has made a notable move in the stock market. According to Reuters news agency, the leader has indeed sold 511,000 company shares for a total value of $87.8 million.
The Aftermath of the Stock Sale
After covering the fees and taxes ($46.3 million), he pocketed $41 million, adding a significant amount to his wealth. The CEO is far from being penniless, and it’s estimated that he still holds 3.3 million shares of the Cupertino firm, a package today valued at $565 million.
A Prosperous 2023 for Tim Cook
As our colleagues from 9to5Mac remind us, this is the most significant sale made by Tim Cook since August 2021. At that time, the CEO had already secured $355 million. With his knack for good deals in the stock market, he’s now considered a billionaire.
Despite a 40% salary cut last March, it’s estimated that he will earn about $40 million this year. And that’s without considering his professional travel expenses and security, which are fully covered by the tech giant.
A treatment comparable to other big bosses in Silicon Valley.
Upcoming Apple Financial Report
Apple has just announced the date when it will unveil the results of its fourth fiscal quarter. We will have to wait until November 2 for Tim Cook and Luca Maestri, the CFO, to present these figures during a conference call.
The numbers may not necessarily be excellent. This time of the year indeed corresponds to a low in the brand’s activity, as the general public traditionally waits for the presentation of the new iPhones before making a purchase.
Tim Cook’s Entry into Apple: A Turnaround Saga
Tim Cook, with his sharp acumen for operations and commitment to innovation, joined Apple Inc. in 1998, a pivotal time for the company that was on the brink of bankruptcy. Before his arrival, Apple was going through a tumultuous period, marked by financial losses and a blurred brand identity.
Cook was recruited by Apple co-founder, Steve Jobs, to ameliorate the company’s operations.
With an eye for effective supply chain management, he was able to significantly cut costs and improve the company’s profit margins. His arrival not only stabilized operations but also laid the groundwork for a renaissance for Apple.
Under his operational leadership, Apple regained profitability and began reclaiming its reputation as a leader in innovative technology. Cook rapidly climbed the ranks, becoming the Chief Operating Officer, and eventually the CEO in 2011 following Jobs’ passing.
His vision and leadership continued to propel Apple to new heights, making him a central figure in Apple’s continued success story.