File this under “the rich get richer”: Apple CEO Tim Cook this week is expected to collect a huge payday as part of the 10th and final tranche of a deal he signed a decade ago to succeed Steve Jobs. Cook, according to Bloomberg News’ calculations, is set to receive roughly 5 million shares of Apple stock worth about $750 million.
Some of the deal is contingent upon Apple’s stock beating the return of two-thirds of the companies in the S&P 500 over the last three years, which isn’t something Cook needs to lose sleep over. Apple’s stock price has nearly tripled since August 2018, pushing the company to a $2.44 trillion market cap overall.
Apple, like several other tech giants, has seen its share price continue to climb higher during the COVID-19 pandemic. The company recently reported sales of $81.41 billion between April and June, thanks in large part to a 50% year-over-year jump in iPhone sales.
Cook has already enjoyed some big paydays during his decade running Apple; the 60-year-old was paid nearly $15 million last year, and heading into this week had a net worth of $1.5 billion, according to Bloomberg’s Billionaires Index.
It hasn’t been all roses for Cook since joining Apple, of course. One troubling report from The Information earlier this year, for example, said a number of Apple suppliers may have used forced labor in China.
Cook has also said previously he plans on giving away most of his wealth.
“You want to be the pebble in the pond that creates the ripples for change,” Cook told Fortune in 2015.
Read original story Apple CEO Tim Cook Gets $750 Million Payout At TheWrap