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Tim Cook Nets $41.5 Million After Selling Over 500,000 Apple Shares
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ah, another genius speculating on the mind of Steve Jobs. Cuz that always works out.
Tim is now 62, as long as he cares to put that much effort into the company and continue the direction that he demands I'm happy.
It can't last forever unless there's some 'and there's something else' that he's at present only party to, but he has seen the company through some dramatic, adventurous and really successful innovation.
I really hope this direction continues and Apple continue to challange and lead in that area.. with a change blown by the wind this could all change so it needs somebody like Tim there to make sure it happens.
I really worried for the company when Steve passed on but I think he picked the right person.
It can't last forever unless there's some 'and there's something else' that he's at present only party to, but he has seen the company through some dramatic, adventurous and really successful innovation.
I really hope this direction continues and Apple continue to challange and lead in that area.. with a change blown by the wind this could all change so it needs somebody like Tim there to make sure it happens.
I really worried for the company when Steve passed on but I think he picked the right person.
The mythology about Jobs really needs to get brought back to reality...
Jobs famously fought to deny stock options to his own employees at Apple (leading Woz to redistribute some of his shares) and then at Pixar. He oversaw the illegal backdating of options for Apple executives after having done the same, and having been warned about it, at Pixar. He got away with it because he was able to build a shield of plausible deniability and avoided having ill-gotten gains clawed back because, before the SEC inquiry, he canceled those options which were underwater at the time and had them replaced with restricted non-option shares.
Again:
- He was given options, that should have been tied to company performance.
- Those options don't appear to have been properly approved by the board.
- They were backdated so they were already worth $20M at the time of issue.
- The backdating wasn't declared, hiding taxable income for Jobs and Apple.
- The stock lost value to the point they were underwater.
- He canceled the valueless options and took shares outright. Essentially cash.
- All of this was after he was already a billionaire thanks to Pixar.
So for all the "Steve wasn't in it for the money", he was certainly very rich and exercised that wealth. He achieved that wealth often at the expense of his employees and sometimes through means that appear to have been illegal. The compensation that was supposed to be tied to the company performance started with a $20M value, and when that was lost to declining company performance it was traded for stock in hand rather than options.
Steve Jobs was a master at creating and telling compelling stories, and the dollar a year salary was one of them.
Apple's roughly 1 Billion active customers, many repeat, say the above is a bunch of nonsense.
I tend to agree with the other member. Cook isn’t an innovator. He’s an operations guy. He’s done effective work sustaining the legacy that Jobs left him but let’s not fool ourselves. Cook’s Apple has not been especially interested in innovation and it has basically turned its back on high end design. A billion customers or no, it’s a mistake to consider Cook in the same class as Jobs. He’s more like John Scully.
Evidently your only rebuttal is “they sell a lot of product”?
These CEOs should be paying income taxes on this income. This enormous loophole is why you and me have such high taxes. We have to pick up their slack as they exploit this ridiculous tax loophole that is only open to them. Sickening.
Products to 1 Billion active and customers. Who continue to be delighted and purchase Apple products year after year after year. It's their vote that counts. Not a forum pundit with an opinion about a company CEO with no real first-hand insight into what does other than "he's an operations guy."
Also...perhaps you can speak to Samsung's/Sony's/Motorola's/Lenovo's/Dell's/HP's/Toshiba's/Oppo's/Huawei's/Xiaomi's/google's/Microsoft's/ and other Apple competitor's innovation prowess over the last 10 years that have shaken up the tech industry.
Tim has seen those iPhone 15 sales and got the hell out of dodge
Someone else has probably pointed this out, and it’s probably a joke, but these things are timed. He does it every year on a schedule regardless of performance. And then they give him more for the next year. It’s how he gets paid.
Back in 20 Jan 2009 the pre-28-for-1 Stock Split price of $AAPL was $78.20. This was the 2 decade low.
To get 511,000 shares today back then would cost you $1,427,150.00 for year 2009 18,250 shares.
The quarterly div of those sold shares would be $117,530.00.
Apple restarted divs since 2012.
To get 511,000 shares today back then would cost you $1,427,150.00 for year 2009 18,250 shares.
The quarterly div of those sold shares would be $117,530.00.
Apple restarted divs since 2012.
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They do have to pay income taxes on this kind of income. I don’t know what loophole you’re referring to.
For this kind of compensation, the recipient is taxed as though they were paid cash in the amount of the value of the shares when they vested. That’s why more than half of the shares Mr. Cook was owed were withheld. Mr. Cook never received them. Apple submitted to various taxing authorities an amount equal to their value - more than $46 million. He was left with a number of shares which were sold for around $41.5 million. He would face income tax liability for these vesting shares whether he sold them this year or not.
How many shares have you got? You should have sold at the 1.95 peak,..too late now. Shareholders don't care about updates and cases, they care about quarter on quarter performance & corporation stability. Maybe shares just aren't for you?
This is normal.
Apple CEO Tim Cook netted around $41.5 million after taxes this week after selling 511,000 shares of Apple stock that he received as part of a performance-based award, according to a filing released by the U.S. Securities and Exchange Commission.
The stock award was determined based on Apple's total shareholder return relative to the other companies in the S&P 500 between the first day of Apple's 2021 fiscal year and the final day of Apple's 2023 fiscal year. Based on this metric, Apple ranked 141 of the 480 companies that were included in the S&P 500.
Cook still owns nearly 3.3 million shares of Apple following the sale, the filing indicates.
Cook was awarded an additional 73,010 restricted stock units, with one-third of the units to vest on April 1 each year in 2026, 2027, and 2028. He was also awarded 219,030 performance-based restricted stock units that are scheduled to vest on October 1, 2026, but this amount is subject to change based on Apple's S&P 500 performance.
In a 2015 interview with Fortune, Cook said that he planned to give away all his wealth, after paying for his nephew's college education. Cook said that he would take a "systematic approach to philanthropy."
Cook has been CEO of Apple since 2011, and he has worked at the company for 25 years.
Article Link: Tim Cook Nets $41.5 Million After Selling Over 500,000 Apple Shares
When vested shares as income mature, you have to pay 💰 income taxes on them against the amount of value you received versus when you got them. You might as well cash out the vested shares because you need that to pay taxes on them. CEOs can only sell stocks during limited windows before earnings calls are announced. It's all preplanned ahead of time and filed with the SEC.