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The CEO of Apple, Tim Cook, has mysteriously put a whopping $3 million into one particular stock.
The tech mogul made the move to almost double his personal stake in Nike after dropping a cool $3 million on more stock in the company.
This comes after a new strategy was detailed by the Nike CEO, Elliot Hill.
Cook, who is usually busy with his work at Apple, has been on the board at Nike since 2005 and now has a whopping 105,000 shares in the firm.
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According to a report by Reuters, Jonathan Komp, who is an analyst at Baird Equity Research, said: “[We see] Cook’s move as a positive signal for the progress under CEO Elliott Hill and Nike’s ‘Win Now’ actions.”
Cook’s decision to buy up Nike stock appears to be mysterious as the firm had reported weak sales just days prior.
In other news, Apple has reportedly stepped up its preparations for a potential replacement in case Cook steps down and there are a number of moguls who are considered to be in the running.
Cook took over as the head of Apple after co-founder Steve Jobs’ death in 2011.
If he is to leave, it will mark the end of his 14-year run, but who is in the running to take over?
According to reports, one contender is hardware engineering chief John Ternus.
Ternus first joined the firm back in 2001 as a member of the product design team before climbing the ranks and becoming part of Apple’s executive team in 2021.
It seems like Ternus could be a favorite for the spot as he is trusted by Cook and has been described as ‘charismatic and well-regarded by Apple loyalists’, as per Bloomberg News.
However, Ternus is not the only person in the running for the top spot as Dan Ives, who is the head of technology research at Wedbush Securities, is also considered to be a contender.
Cook himself hasn’t shared any details on when he might be leaving the tech giant.
Speaking on a podcast in 2023, he said: “We’re a company that believes in working on succession plans, so we have very detailed succession plans, because something unpredictable can always happen.”
Cook continued: “I really want the person to come from within Apple, the next CEO. So that’s my role: That there’s several for the board to pick from.”
And it doesn’t look like Cook wants to take a step back anytime soon as he went on to say: “I love it. I can’t envision my life without being there so I’ll be there a while.”
