Apple CEO Tim Cook turned some of his millions of Apple shares into cash. He reportedly netted about $41 million from the sale.
Unlike some CEOs, Cook owns only a minute share of the company he runs.
Tim Cook sells shares by the sea shore
Much of Tim Cook’s compensation as Apple’s Chief Executive Office comes in the form of Restricted Stock Units. In 2023, he’ll be paid about $40 million in shares, while he took in $75 million in shares in 2022. He recently decided to turn some of that stock into cash.
An SEC filing shows the Apple executive sold 511,000 shares of common stock on October 1. That netted him about $41 million after taxes, according to Bloomberg.
Just a drop in the bucket
After the sale, Cook still has 3,791,053 shares of AAPL. But the transaction earlier this week divested him of about 12% of his previous total.
With what he has left, the Apple CEO owns 0.02% of the company. (Not 2%. 100x less than that.) This is because there are 15,787,154,000 total AAPL shares in circulation. Compare that to Elon Musk who owns just under 13% of Tesla.
The Apple CEO turns some of his shares into cash periodically. The last sale was in 2021.
Tim Cook is a billionaire, for now
His net worth is $1.9 billion. What he plans to do with the cash he just netted is unknown, but it’s possible some of it will go to charitable causes.
He’s unmarried and has no children, and committed himself years ago to giving away his entire fortune to charity before he dies.
