Apple CEO Tim Cook has received more than five million shares from the tech giant, since he has been in the position for ten years. A filing by the company with the watchdog of the United States Securities and Exchange Commission (SEC) shows that it sold most of the shares for more than $ 750 million.
It’s part of a deal he struck when he replaced co-founder Steve Jobs. The award depended on how well Apple’s stock performed compared to other firms on the S&P 500 stock index. According to Apple’s SEC filing, Cook was eligible for the award since the company’s stock had risen by 191.83% in the last three years.
He also noted that Apple’s share price has risen 1,200% since he became CEO on August 24, 2011. The company behind the iPhone, iPad and MacBook now has a market valuation of nearly $ 2.5 trillion. In 2015, Cook said he would give away his entire fortune before he died, and has been known to donate tens of millions of dollars to charities.