Apple CEO Tim Cook has sold more than 265,000 of 560,000 shares of stock he was recently awarded for serving as Apple’s CEO and for the strong performance we’ve seen by the company under his leadership.
Cook sold over 265,000 of those shares at prices ranging from $493.50 to $500.11, netting him somewhere around $131.7 million, says a filing published on Tuesday by the SEC. The remaining 294,840 shares worth over $148 million were withheld by Apple for taxes.
Cook’s stock award included 280,000 time-based RSUs and 280,000 performance-based RSUs that were based on Apple’s total shareholder return relative to other companies in the S&P 500 over the three-year period from August 25, 2017, through August 24, 2020. Apple showed a higher shareholder return during that time period than at least two-thirds of other S&P companies.
Cook will see another 700,000 of his RSUs vest on August 24, 2021, based on his original Apple employment agreement. Bloomberg‘s Billionaires Index estimates Cook’s net worth surpassed $1 billion this year.
Apple stock hit a peak of over $500 per share this week, meaning the company’s market value hit $2 trillion.