What you need to know
- Tim Cook has donated a big wad of shares to charity.
- He gave away $5M in Apple stock Monday.
- It comes after he was awarded $279M by Apple in his latest payout.
Tim Cook has donated $5M in Apple shares after receiving nearly $280M from the company.
The donation was logged in an SEC filing Monday noting the transaction of 10,715 shares to an unnamed charity held by Tim Cook's trust.
As per BNNBloomberg, Cook made the donation in wake of a bumper payout received this weekend:
With Apple Inc.'s stock soaring, Tim Cook is cruising toward another big payout.Barring a precipitous drop in Apple's stock, Cook will receive 560,000 shares on Monday, worth a combined US$278.6 million as of Friday's close -- his annual haul from an award he got nine years ago after succeeding Steve Jobs.
As the report notes, Tim Cook has previously said he plans to give most of his money away, already donating millions in shares. It sounds like Cook is seriously cashing in on his tenure as Apple CEO:
His annual payouts are partly tied to continued service, while the remainder pays out in relation to how well Apple's stock does relative to other companies in the S&P 500 index over three years.
Apple's return over the past three years is roughly 225%, "well above the threshold for the payout."
A July report noted that Tim Cook earned $133M as Apple CEO last year, around $122.2 million of which was awarded in stock. Clearly, Cook's award this year is a substantial increase and a testament to Apple's financial success under his leadership. Last week Apple became the first-ever U.S. company valued at $2 trillion.
