This week in Finance News That Will Make You Feel Poor, we peer into the bank account of Apple CEO Tim Cook.
The 57-year-old Cook recently cashed in $121 million in stock options as part of a giant stock award dating back to 2011 when he filled Steve Jobs’ spot as CEO. Just weeks after Apple became the first United States company to break the $1 trillion valuation mark, Cook was granted 560,000 shares worth $121 million before tax.
If it makes you feel any less poor, according to Yahoo Finance, $63.7 million (more than half) of the options were withheld for taxes. Cook took home a measly $57.3 million, a solid addition to his $3 annual salary.
Via Business Insider:
In total, Cook has collected more $650,382,235 in stock awards since he became CEO. After adding salary, and other bits of compensation, he’s collected $701 million in pay since 2011, according to Equilar’s analysis. Even after Tuesday’s sales, he still holds over 800,000 shares of Apple, worth over $195,000,000 on Wednesday’s opening price of $220.15.
If you think Cook is living the Dan Bilzerian lifestyle with all his riches, you couldn’t be further from the truth. The son of a shipyard worker and pharmacy employee, Cook has learned to live a frugal life. He still waits for the Nordstrom semi-annual sale to buy discounted underwear.
“I like to be reminded of where I came from, and putting myself in modest surroundings helps me do that,” Cook said. “Money is not a motivator for me.”
When he dies, Cook says he plans to donate all his money to charity, as he is not married and has no children.
Good on ya, bro.
[h/t Yahoo Finance]