r/technology • u/geoxol • Jan 13 '23 • Bravo! 1 Helpful (Pro) 1

Apple CEO Tim Cook to take more than 40% pay cut Business

https://apnews.com/article/technology-apple-inc-tim-cook-business-d056553b10120c4a968b562cb7ece5d2
39.1k Upvotes

81% Upvoted

3.9k comments sorted by

View all comments

Show parent comments

1.5k

u/UltraSPARC Jan 13 '23

They restructured his compensation package too. They don’t want him to retire before 2026 so now his comp won’t mature until the end of 2025 instead of yearly. It was something like $119 million. Fun fact: he had a compensation package in 2015 that was $900 million if he held onto all the stock in todays dollars.

763

u/BigGreen4 Jan 13 '23

According to the articles, this was his idea, after having listened to feedback from shareholders. He then put it to the shareholders to vote and they agreed, about 66% in favor of the new compensation package.

I just hope the funds saved will remain in employee compensation and be redirected to the employees. This would be a big step forward. (I understand that’s wishful thinking.)

435

u/Z23kG3Cn7f Jan 13 '23 edited Jan 13 '23

Apple is worth over $1TN in the bank.

It's their choice to not pay workers decently

Edit: I corrected it to worth, not cash. My bad.

27

u/ttylyl Jan 13 '23

Apple has nowhere near 1 trillion in the bank lol. The value of the entire company is around 1 trillion. Which means if Apple wanted a trillion dollars they would have to somehow reclaim all the already sold shares and then sell 100% of their company to someone else, at which point they don’t get to chose what to do with the 1 trillion.

2

u/RabidGuineaPig007 Jan 13 '23

The value of the entire company is around 1 trillion.

oh...that was Tesla once. US Tech valuation is a total joke.

1

u/JerryMau5 Jan 13 '23

Lol. Welcome to the stock market kiddo

1

u/demonicneon Jan 13 '23

Value is a bit of a trick.

It’s the value estimated that you’d have to pay to buy out them and their assets, but it’s unlikely, next to impossible, anyone would ever get that valuation in cash or sale.

It looks good on reports and news stories but it’s relatively meaningless other than to show which companies have the most things.