Apple’s CEO Tim Cook Owns More Than Half A Billion Dollars Of Stock After Share Sale

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Apple CEO Tim Cook, who is one of the richest people in the world courtesy of his role at the technology behemoth, has made a massive share sale this October soon after his company launched the latest iPhones. Apple's market capitalization is in the trillions of dollars, and Mr. Cook is one of the highest paid executives in the world due to his compensation package that is beefed up by lucrative stock grants and award. However, even though Mr. Cook took a pay cut for his 2023 compensation over last year's figure due to the tough macroeconomic environment, he cashed out on millions of dollars of stock in October according to his SEC filings.

The start of 2023 was marked by a lot of turmoil in the big tech sector as interest rates soared and high inflation increased the costs of doing business and cut down consumer purchasing powers. Most big tech firms, which had gone on a hiring spree after the coronavirus pandemic to meet booming demand for their products and services, started laying off workers in a set of horror stories that saw some professionals with decades of experience being let go on a moment's notice.

However, Apple bucked this trend and not only did the firm lag its peers when it came to layoffs, but the firm's proxy statement filed for its 2023 annual shareholders meeting outlined that its chief Mr. Tim Cook had decided to take a 40% compensation cut. The document outlined that Mr. Cook's target total compensation for 2023, which includes his base pay and stock awards, would be $49 million this year, a sizeable decrease over 2022's $84 million.

The shares sold by Apple's top