Apple Tim Cook received more than five million shares in the technology giant this week as part of a compensation package but sold most of the stock immediately for more than $750 million.
What Happened: Cook received 5.04 million shares on Tuesday as the final part of a compensation package that he was awarded after he took over as CEO of Apple in 2011, according to a regulatory filing from Thursday.
The shares are worth $754 million, based on Apple’s closing stock price of $149.62 on Tuesday. However, Cook sold most of the shares over a period of two days for more than $750 million.
Part of the Apple CEO’s compensation depended on how well Apple’s shares performed compared to other companies on the S&P 500 stock index. Cook was eligible for the award as Apple’s total shareholder return was 191.83% over the last three years, as per the filing.
Why It Matters: Last year, Cook received a new compensation package that runs through 2026.
Cook had said in 2015 that he plans to give away the vast majority of his wealth to charity. It was reported earlier this week that Cook donated more than $10 million in the iPhone maker’s stock to an undisclosed charity.
Price Action: Apple shares closed almost 0.6% lower in Thursday’s regular trading session at $147.54, but rose less than 0.1% in the after-hours session to $147.58.
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