Eddy Cue, the Apple iTunes chief has sold a large number of Apple shares. This made him gain a massive amount of money.
Cue has sold 335,000 Apple shares according to Mac Rumors. Per share, it was valued at $111.86. This leaves Cue possessing a net worth of $37,473,100. It was revealed through the documents filed at the United Stated Securities and Exchange Commission.
Cue's windfall follows September vesting, when he was given by the company with 525,000 restricted stock units (RSUs) which are valued at $ 59.6 that time. Cue was awarded with 100,000 RSUs in November 2011.
In 2014, following the Apple's 7-for-1 split, it increased to 700,000 RSUs. The 25 percent of the restricted stock units were awarded to him on Sept. 21, 2014. Then, the final 75 percent was vested to Cue in September 2016.
In September 2016, Cue has received 268,695 shares. After the taxes, he has put everything into a family trust. This is also what he has done with the 335,000 RSUs shares he has sold last week. Following these transactions, Eddy Cue maintains 1,464 shares of the Apple stock to his name.
Dan Riccio, the Apple hardware engineering senior vice president has also sold some Apple shares. He has sold 33,323 shares which are valued at $110.09 to $110.90 per unit. Riccio currently holds a net worth of 3,677,115.
In October, Cue and Riccio were among of the Apple executives that saw the 87,578 RSUs worth, which is nearly $10 million. Cue and Riccio will be conferred with stock rewards again in the next few years, as Apple has recently distributed bonuses to its executive team, Apple Insider reported.
It is scheduled to be vested in 2021. This package contains 149,667 RSUs. Some of the shares will have a 200 percent conversion rate, a calculation based on the tenure and on the performance metrics.
Cue is investing in Microsoft now. All of the Apple executives are selling their holdings.
The lack of vision and innovation are the factors why Apple is encountering financial woes. Samsung still leads in the race despite having controversies due to their exploding device units.
Watch the interview with Eddy Cue below: