Apple CEO Tim Cook has cashed in a whopping $11.1 million worth of Apple Stock (over 20,000 shares), netting himself a nice payday that should pad his wallet quite nicely. The question remains as to whether he should have cashed in the stock, as its value continues to rise at phenomenal rates.
iPhoneinCanada reports:
An SEC filing today noted Apple CEO, Tim Cook, sold $11.1 million dollars worth of Applestock, or 20,178 shares, through five transactions that occurred at various stock prices in the range of $547-$551. The Securities and Exchange Commission (SEC) filing was noted earlier this afternoon.
Cook was awarded 1 million shares of Apple stock for taking up the mantle as Apple’s new CEO after Steve Jobs resigned in August. Half of those shares will become available to him in August of 2016, while the remaining half will become available in August of 2021, giving Cook extra incentive to maintain his leadership role at Apple.
Apple’s stock recently exceeded $550 per share, further cementing Apple’s role as the most valuable company in the world.