Tim Cook, Apple’s CEO, has been awarded more than five million shares of the company as he celebrates ten years in the position.
According to a filing with the US Securities and Exchange Commission, he sold the majority of the shares for more than $750 million (£550 million) (SEC). It’s part of a deal he struck when he took over as co-founder from Steve Jobs. The award was based on the performance of Apple’s stock in comparison to other companies in the S&P 500 stock index.
Mr. Cook was qualified for the reward, according to Apple’s SEC filing, since the company’s shares had increased by 191.83 percent in the previous three years.
It further stated that since he became CEO on August 24, 2011, Apple’s stock price had grown by 1,200 percent. The business that brought you the iPad, MacBook, and iPad now has a market capitalization of over $2.5 billion.
Mr. Cook has expressed his worries about HIV/AIDS, climate change, human rights, and equality on several occasions.
He follows in the footsteps of several ultra-wealthy Americans who have stated that they will give away all or a large portion of their fortunes throughout their lifetimes.
Bill Gates, co-founder of Microsoft, and Warren Buffett, an investing expert, established the Giving Pledge in 2010, urging billionaires to give away at least half of their wealth.
Mr. Buffett gave another $4.1 billion worth of Berkshire Hathaway shares to charity earlier this year.