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Apple Inc. (NASDAQ:AAPL) CEO Tim Cook has donated more than $10 million in the iPhone maker’s stock to an undisclosed charity.
What Happened: Cook has donated a total of 70,000 shares in Apple on Friday, worth $10.4 million, based on Apple’s closing stock price of $146.70 from that day, according to a regulatory filing from Tuesday. Apple didn't provide further details on Cook's donation in the filing with the SEC.
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Following the donation, Cook continues to hold 3.28 million shares in Apple, worth $490 million.
Why It Matters: Cook had similarly donated 10,715 Apple shares, ahead of the 4:1 stock split, on the same date last year.
Cook had said in 2015 that he plans to give away the vast majority of his wealth to charity, joining billionaires such as Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) chairman Warren Buffett, Microsoft Corp. (NASDAQ:MSFT) co-founder Bill Gates, and Facebook Inc. (NASADQ: FB) CEO Mark Zuckerberg, who have pledged to do so.
Buffett is the co-founder of the “Giving Pledge,” which encourages billionaire philanthropy. However, Cook is not part of the campaign.
Price Action: Apple shares closed less than 0.1% lower in Tuesday’s trading at $149.62.
Photo: Courtesy of Austin Community College on Wikimedia
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.