Apple CEO Tim Cook Buys $3 Million of Nike Shares

Apple CEO Tim Cook recently bought approximately $3 million worth of Nike shares. The purchase involved 50,000 Class B shares acquired on December 22nd. This transaction increased Cook's Nike holdings to about 105,000 shares, valued at nearly $6 million. Following the disclosure, Nike's stock saw an increase of 2% to 5%. This occurred after a sharp decline subsequent to Nike's recent earnings report, which indicated business challenges, especially in China. Nike is currently undergoing a turnaround strategy led by CEO Elliott Hill. Tim Cook has been a member of Nike's board of directors since 2005. He currently serves as its lead independent director and chairs the compensation committee. This recent purchase is the largest open-market acquisition of Nike shares by Cook in several years. The investment comes amid investor pressure on Nike due to a sustained drop in its stock price.