Apple CEO Tim Cook collects 5 Million Apple shares worth $750 Million as final payout

Apple chief executive officer Tim Cook has received more than five million shares of Apple stock worth roughly around USD 750 million this week. The CEO collected the large sum as his 10th and final tranche of the pay deal since he took up the CEO position a decade ago. Cook had taken over the job from Apple co-founder Steve Jobs.

Apple CEO Tim Cook gets USD 750 million

According to an SEC filing posted by Apple on Thursday, Tim Cook has now been paid out five million shares of the company. Cook had received the new package last year which confirmed his staying at the company till 2026. A major part of the CEO’s payments has been in stocks. Apple’s soaring stock price has made Cook a billionaire since taking over the top job.

The latest payment becomes the largest amount of stock Cook was eligible for under the 2011 agreement. The payment was noted to be directly dependent on the company stocks’ performance as compared to others in S&P 500. Apple ranked third among the companies in the company’s pool with a shareholder return of 191.83% over the past three years. Apple share price have risen a record 1,200% since Cook’s takeover in 2011. The stock price stood at USD 147.54 on NASDAQ at the time on Friday morning.

Apple to host several product events in coming months: Report

Apple is reported to have a line of products to launch. According to a DigiTimes report, Apple is set to hold a series of product events/conferences in September 2021 to launch various products for the company. The many products waiting in line are the ninth generation of iPad, Apple Watch Series 7, new AirPods, an updated MacBook Pro, iPad Mini and the iPhone 13. Last year, Apple had held three separate events to launch their smartphones, earphones and laptops. 

According to reports, the iPhone 13 might get a solo launch event and might not feature any other products along with it. Apple's iPhone launch is among the biggest tech events in the world and is anticipated each year by millions. The new iPhone line-up will be out in September 2021, and the trillion-dollar company is expected to have a grand reveal for the company’s new flagship product.

IMAGE: AP