Tim Cook sells $57.8m of Apple shares as Apple's valuation exceeds $1 trillion

Tim Cook sold 265,000 Apple shares, according to a US regulatory filing, netting the Apple boss tens of millions of dollars – Jane Mingay

Apple chief executive Tim Cook has sold $57.8m (£45m) of shares following a performance award as the company’s market valuation has 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 $220 in Tuesday trading. 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 profits driver, after the average price of its phones increased following the release of its first $1,000 phone last year.

Apple has continued to offer rewards for investors after strong profits and results triggered a rise in its valuation above the $1tn mark for the first time. No other listed company globally has ever exceeded that figure before.

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.

Last year, Apple’s share price was pushed higher ahead of the much anticipated iPhone X launch, prompting Mr Cook to net $102m as part of salary awards and for his length of service at the company. Apple had reported a slower first half to 2017, suggesting he would not receive the full amount.

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

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

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