After taking over from Steve Jobs, Apple CEO Tim Cook was promised ten award payments over the course of his tenure, with this $750 million being the final one.
Approximately 5 million shares worth about $750 million are being paid to Tim Cook as a final portion of his CEO stock deal. However, Cook notoriously donates much of his wealth and will likely do the same with this latest payment.
A report from Bloomberg says the payout is contingent on Apple’s stock return over the past three years. It had to surpass at least two-thirds of companies in the S&P 500, a threshold Apple cleared by a wide margin.
During Cook’s tenure, Apple’s revenue doubled with shares returning more than 1,100%. The company is worth over $2 trillion and shares have increased by 12% in 2021 alone.