CEO Tim Cook receives $750 million bonus from Apple: Appstore pay settlement
After more than ten years, Apple CEO Tim Cook gets a large payout as he was responsible for leading the company shares to rise by 191.83%. The payout was decided when Tim took the job over from co-founder Steve Jobs. CEO received 5 million shares which in currency stands for $750 million (£550m). According to the company filing with the US Securities and Exchange Commission (SEC) watchdog reported the long-awaited bonus for the CEO. It is the 10th and final tranche of the pay deal received by Tim when he took the haul of the company.
Tim came from Compaq and IMB before joining Apple in 1990 as an innovator after Steve Jobs. Tim has a total worth of $1.5 billion which he decided to donate “most of” to charity. Apple shares performed exceptionally and above two-thirds of S&P 500 companies. Currently, the products, e.g., iPhone, iPad, MacBook, have a combined market value of almost $2.5 trillion.
Since cook became CEO at Apple, the share price increased 1200%, hugely successful according to the business index. In 2026 Tim will receive another bonus of a similar category. SEC filing showed Tim donated almost $10 million to charity recently, and in 2015 he decided to give away his entire fortune before he dies. Cook is concerned about the environment, climate change and diseases such as HIV and Aids. His donation will go to charities that follow and support action’s regarding these categories.
Earlier in 2021, business tycoon Warren Buffet donated $4.1 billion worth of shares from Berkshire Hathaway to charity. Microsoft co-founder Bill Gates and Mr Buffett launched the “Giving Pledge”, where billionaires such as themselves can join by giving away at least half of their fortunes to people and purpose in need. Tim followed this venturer, which is highly respectful.
Apple tweaks app pay rules with $100m settlement
Apple agreed that developers would soon sell their Appstore apps via email directly to customers in recent news. They can direct customers with ways to avoid the Apple payment system, and as a result, the payment will now reach their end without Apple taking a cut.
A $100m settlement is passed with developers working along to make the initiative a successful one. Apple currently takes a 30% cut from every app payment, but it will be subject to change later down the road. A 15% settlement is on the way to give more freedom to developers end. Of course, they are waiting for judicial approval because of how vast the company is; it will affect many projects down the line.
A 15% cut will become available for businesses that earn less than $1m after the first year. Apple warns that developers will need to make the same amount or sell their service at the same rate on the apple store to be eligible. Customers have more options on where they buy the product or service without neglecting the Appstore.
Epic Games, publisher of Fortnite, recently had an incident where they introduced their payment system within the Appstore and Google Play Store. Consequently, in both platforms, they were banned cause of cutting the media off the revenue stream.
As a result, developers can’t introduce their payment system within the platform, and a class-action lawsuit is brought up against Apple. Eligible developers were looking for anywhere between $250 to $30,000 each from that fund.
New settlement issues are on the talk and still on papers. They will be executed as soon as judicial approvals pass it.