Tim Cook cashes in $11.1 million-worth (37,500 iPads worth!) of Apple stock
Right now, one (1) share of Apple costs roughly the same as a new iPad, and Apple CEO Tim Cook just traded in 37,500 shares for a grand total of $11.1 million. Yeah.
For the last year, Apple CEO Tim Cook has been holding onto a bunch of restricted Apple stock awarded to him when he first took up day-to-day leadership duties when Steve Jobs left on medical leave. On March 10, the restriction was lifted on a bunch of that stock, which allowed him to sell. 17,322 of those shares were surrendered for taxes, but the other 20,178 were all sold yesterday over the span of five separate sales throughout the day.
Cook recieved another million shares when he signed on as CEO that he'll be able to sell in 2016 and 2021, and no doubt he's holding even more stock beyond that; Cook's definitely in it for the long haul. The street doesn't seem to mind the sale -- in fact, prices have climbed from $556 this morning to $568.