Apple chief executive Tim Cook gets $750m payout

Long serving Apple chief executive Tim Cook gets $750m payout.

Tim Cook, who has served as Apple’s chief executive for 10 years, has a current net worth of around $1.5 billion, according to the Bloomberg Billionaires Index.

Under his employment agreement he is entitled to shares in the company behind the iPhone and a host of other household name gadgets including MacBook laptops and the iPad. A company filing with the US Securities and Exchange Commission shows that he sold most of the shares for more than $750 million (£550 million).

Shares in Apple, founded by Steve Jobs, have risen by 191.83 per cent over the last three years and the Silicon Valley giant’s share price has increased by 1,200 per cent since Cook became chief executive officer.

Apple now has a market valuation of almost $2.5 trillion.

The filing also showed that Cook donated some $10m worth of Apple shares to an unnamed charity.

Like Microsoft founder Bill Gates and investor Warren Buffet, Cook has also pledged to give away most of his wealth during his lifetime.

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