Tim Cook sells $58m of Apple shares as stock hits new high

TIM COOK, the chief executive of Apple, has sold $57.8m (£45m) of shares following a performance award after the company’s market valuation exceeded $1 trillion for the first time.

Mr Cook sold 265,000 Apple shares, according to a US regulatory filing, netting the Apple boss tens of millions of dollars.

His share awards are tied to the company’s performance compared with other listed US companies. If it outperforms two-thirds of the market, the chief executive receives 560,000 shares in the company as a performance award.

The share reward is worth a total of $121m, although the remainder has been withheld to cover tax obligations. This year Apple’s share price has risen 27pc, hitting a new all-time high of $223 yesterday. The company is expected to release a trio of new smartphones in September, which experts expect to be called the iphone 9 or iphone Xs.

Apple’s smartphone business remains its biggest profit-driver, after the average price of its phones increased following the release of its first $1,000 phone last year.

In the three months ending in June, Apple’s profits increased to $11.5bn, up from $8.7bn a year ago, while total sales climbed 17pc to $53.3bn, results that helped its market value rise above $1 trillion for the first time earlier this month.

Mr Cook is thought to be worth around $700m. He has previously said he plans to give away most of his wealth to charity.

Last week, Mr Cook gave stock worth about $5m to an unknown charity, according to regulatory filings.

Tim Cook, the Apple chief executive, was awarded 560,000 shares, worth $121m, for hitting performance targets