Tim Cook made $1 million bet days before resigning as Apple CEO
Tim Cook made another bold move just days before announcing his decision to resign as the CEO of Apple.
The American business exec, who has been the CEO for 15 years, will transition into the role of Apple’s Executive Chairman while hardware chief John Ternus is set to become the company's eighth CEO.
In the announcement video, the 65-year-old had on a rare pair of Travis Scott Air Jordan 1s, costing three or four times over the £200 retail price.
And just days before the clip went out, Cook - who has been on Nike’s board since 2005 - went and bought 25,000 shares, amounting to an investment of about $1.06 million.
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His investment is just days after Nike’s stock touched a 12-year low in share price.
Cook has plenty of money to invest after selling an eye-watering $16.5 million in Apple stock on 2 April.
He will continue in his role as CEO through the summer, while working closely with Ternus on 'a smooth transition'.
As executive chairman, Apple said 'Cook will assist with certain aspects of the company, including engaging with policymakers around the world'.
"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," he said.
"I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.
"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour.
"He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.
"I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman."
Ternus went on to say that he is 'profoundly grateful for this opportunity to carry Apple’s mission forward'.
"Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor," he said.
"It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another."
Anish Vij