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Apple’s Tim Cook gets $750M payout as company’s stock skyrockets

Apple CEO Tim Cook is reportedly set to rake in $750 million this week within the last installment of the pay deal he signed a decade in the past when he succeeded Steve Jobs. 

Cook will likely be given 5 million Apple shares price about $750 million, Bloomberg reported Thursday. The reward will present a big enhance to the CEO’s present web price of $1.5 billion, in keeping with the outlet. 

Part of Cook’s cash-in was reportedly primarily based on Apple stock having outperformed a minimum of two-thirds of corporations within the S&P 500 index over the previous three years. 

Apple didn’t instantly reply to a request for remark. 

Sixty-year-old Cook first took over from Steve Jobs in 2011, signing a monster pay deal that included beneficiant stock payouts year after year, in keeping with Bloomberg. In 2020, Cook made a $14.8 million wage and had $281 million price of stock choices that vested, according to the Hollywood Reporter. 

Apple’s annual income has greater than doubled throughout Cook’s tenure — and in December the company grew to become the primary US agency in historical past to succeed in a market capitalization of $2 trillion. 

Tim Cook signed a monster pay deal that included beneficiant stock payouts year after year when he took over the helm of Apple in 2011.
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But Cook, who was born in Alabama and was the primary Fortune 500 CEO to return out as homosexual, additionally faces a sequence of challenges forward. 

He has to steer Apple via antitrust strain on a number of fronts within the US and Europe — together with over profitable app retailer charges that led to an ongoing high-profile lawsuit from Fortnite developer Epic Games. App retailer commissions signify a key income for the company, bringing in $22 billion for the company in 2020. 

Cook faces a number of challenges as he continues to steer Apple, together with a lawsuit over its App Store charges as effectively as considerations lodged by lawmakers over antitrust points.
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Many Apple employees are additionally rebelling over the company’s push to carry company workers again into the office a minimum of three days per week, whereas one other worker group just lately accused company management of systemic discrimination primarily based on race and gender.