Apple CEO Tim Cook Sells Over $50 Million Worth of Stock

[Cod3rror]

Whenever I read something like this, I always think "when is enough money...enough?".

Never. Especially if the millionaire had some childhood trauma, like growing up poor, or is just being genetically cheap.

You are still not immune from the grass being greener on the other side, even at that level. Except, instead of worrying about being able to pay the bills and buy food, you stress over Abramovich having a bigger yacht.

What I wonder, is where does one keep that money? He sold his shares for 50 million. Where is that money being stored? How do rich people store and distribute their money? Does he store it in some savings account? Can he insure 50 million? Banks have a certain threshold for insurance.

 

[Joshuaorange]

If he's selling all those shares, I assume he needs $50 million for something... but I imagine he'd probably be wealthier long term if he just kept his Apple shares.

Kind of like the story about how Steve Ballmer is richer than Bill Gates because Ballmer just hung on to his Microsoft shares, while Gates sold a bunch of his shares so he could "diversify." 💸

Part of it is Gates has given 60 billion to charity to Ballmer’s 4 billion.

 

[Aka757]

Why do many tech CEOs (Elon Musk, Mark Zuckerberg) have $1 salaries? Most famous one being Steve Jobs.

Beats me, it doesn't really do much because most executives get stock comp and don't really have to worry about cash either way

 

[citysnaps]

Excellent!

Cook has earned it guiding Apple to being one of the most successful tech companies in the world, and being responsible for roughly 164,000 employees and 1 Billion active customers!

 

[ProbablyDylan]

Aren’t we already in recession? It’s just all media and economists don’t want to spill it out so there’s no panic.

Yeah I'd say we have been for several months, if not since 2022 honestly. Call it what you want but it certainly feels like we're in a recession.

I feel sorry for the less fortunate folk, watching people act like like everything's fine wondering what they're doing wrong.

 

[FattiesGoneWild]

Whenever I read something like this, I always think "when is enough money...enough?".

Also, good work posting the cigarette butts Apple wallpaper again MacRumors👍🏻.

They get hooked like a hardcore drug. They can’t ever get enough of it and live/breathe for it.

 

[211]

Why do many tech CEOs (Elon Musk, Mark Zuckerberg) have $1 salaries? Most famous one being Steve Jobs.

I believe it is for tax avoidance, symbolic gesture and to still be covered by the company’s medical insurance policy

 

[SFjohn]

A pittance compared to the $56 Billion Musk was given from Tesla this year. Isn’t America great?! 😂

 

[Baritone_Guy]

Stock-based compensation is taxed as income. Capital gains applies to investments

If the shares he sells were held for more than a year they will be taxed at the lower rate.

 

[klasma]

If he's selling all those shares, I assume he needs $50 million for something...

Maybe he wants to switch his iPhone every ten minutes. Infinite battery!

 

[tyranne201]

he knows something.

 

[MegaBlue]

Just enough to buy a 2 bedroom in San Francisco!

 

[lovehateapple]

Which point is that exactly? That point you decide? "Enough" is a relative term.

100% agree. Democracy is two wolves and one sheep voting on what's for dinner.

 

[trusso]

Last time I made an innocuous comment about the disgusting wealth of the executive class, I got suspended.

Shameful, really.

 

[Corefile]

That's a lot of money so wonder what is Tim cooking?

 

[dwaite]

If he's selling all those shares, I assume he needs $50 million for something... but I imagine he'd probably be wealthier long term if he just kept his Apple shares.

A CEO of a trillion dollar company can't just sell shares without people reacting to it. He likely has a 10% sale scheduled every October which he can't adjust, so that there can't be accusations that he is reacting to insider knowledge (or the market freaking out that it is some sort of sign).

 

[dwaite]

I often wonder what people do with this kind of money. Not in a judgmental manner, but curiosity. After the tenth home, 30th car, fifth yacht… what do you do next? You can contribute to your friends and family but may eventually incur gift tax. Tim doesn’t have kids either.

He has stated an intention to donate his fortune to charity.

 

[dwaite]

The numbers here are bonkers. But does he ever really get to truly enjoy all that wealth? Is he not, as the CEO of one of the biggest tech companies in the world, not just always working at all times!? I mean, if he's got it going spare, I could use a few mil.

Probably he's thinking about it a bit different - he enjoys what he does and knows Apple is in a position to make substantial differences in the world - from selling consumer devices that have features that save lives, to serving as a role model for other corporations to become more green.

I don't think he's having some Monty Brewster moment where he's trying to figure out how to burn through all that wealth, because thats not what he thinks will make him happy.

If his goal is to make an impact, he can guide that money toward programs that can make real differences as well.

 

[needsomecoffee]

Strongly believe USA needs to again make stock buy backs illegal. Apple, during Tim's tenure, is heading towards $1T (trillion) in buy backs. Boeing -- perhaps the most mis-managed company in the USA -- is buying back $60B this year despite extreme cash flow issues. The super-high level of compensation via RSU and stocks gives executives huge incentives to manage their companies for near-term stock price increase. Not so much Tim (cause Apple just has sooooo much almost tax-free cash), but -- again -- Boeing is the HBR's lead for this analysis.

 

[F23]

where's iPadOS 18 TIM???

 

[citysnaps]

Probably he's thinking about it a bit different - he enjoys what he does and knows Apple is in a position to make substantial differences in the world - from selling consumer devices that have features that save lives, to serving as a role model for other corporations to become more green.

I don't think he's having some Monty Brewster moment where he's trying to figure out how to burn through all that wealth, because thats not what he thinks will make him happy.

If his goal is to make an impact, he can guide that money toward programs that can make real differences as well.

That's kind of my assessment of Cook. He doesn't put on airs, dresses in regular everyday clothes, doesn't move around with an entourage tending to his needs (like Jobs), etc. Just a normal guy who blends in with other people. I've seen him walking around the downtown by himself, and in a local Starbucks sitting in the corner using his iPad keeping a low profile. And from what I understand lives in a relatively modest home.

 

[Aka757]

If the shares he sells were held for more than a year they will be taxed at the lower rate.

If he bought stock options yes, this doesn’t apply if he was awarded stock options as part of his compensation package. Stock based comp is taxed as normal income (just like a salary)

Edit: I should specify I’m referring to the grant of non statutory stock options

 

[ProbablyDylan]

That's kind of my assessment of Cook. He doesn't put on airs, dresses in regular everyday clothes, doesn't move around with an entourage tending to his needs (like Jobs), etc. Just a normal guy who blends in with other people. I've seen him walking around the downtown by himself, and in a local Starbucks sitting in the corner using his iPad keeping a low profile. And from what I understand lives in a relatively modest home.

It's something I always appreciated about Tim. He's downright boring. In a world where we have billionaires being unhinged and unlikeable constantly - he's such a breath of fresh, boring air.

 

[Black Tiger]

Someday Americans will wise up to the scam that is capital gains tax. If it’s money in your pocket, it’s income. I don’t care what these rich *******s claim. The tax loopholes in the west are destroying the middle class.

 

[citysnaps]

It's something I always appreciated about Tim. He's downright boring. In a world where we have billionaires being unhinged and unlikeable constantly - he's such a breath of fresh, boring air.

I wouldn't say he's boring. Rather, he just wants to be (and be viewed as) an ordinary down-to-Earth guy, and doesn't need to demand the limelight or attention like so many attention-seeking CEOs that need to be out there in order to satisfy their ego.