Apple CEO Tim Cook was handed $75 million in stock grants on Tuesday that he won’t have to sell for five years. Cook has earned roughly $290 million in stock grant awards to date. The sum will pay for three times the $300,000 payment the school teacher makes for the same job.
Apple’s board of directors first awarded Cook the stock grant in 2011, after he took over from late Apple co-founder Steve Jobs. If he makes as much money as Jobs did in stock awards over the next five years, he will rake in $200 million.
“We’re in a rare moment in history when we can actually reverse the middle-class hollowing out, which is what the middle class has been going through for a generation,” Cook said at his first annual shareholders meeting in 2015. “And I firmly believe if we’re successful, it’s a revolution. I can’t even imagine the next several years.”
Cook, 63, paid $19.3 million in federal income taxes in 2018. He earned a $3.6 million salary in 2017, according to annual SEC filings. It’s unclear if Cook is in a position to buy an apartment in San Francisco or New York City, since both city limits and state borders state limits his purchasing power.
Thanks to large pay packages of top tech leaders, the U.S. tech industry is ranked No. 1 by Forbes’ list of most overpaid for CEOs.