Tim Cook’s $3B Nike stock buy sends shares soaring by 5%
Nike’s share price surged on December 24 after a major purchase by one of its long-standing board members, Tim Cook, who bought nearly $3 billion worth of Nike shares, including 50,000 shares at $58.97 each, nearly doubling his existing stake. The stock market responded positively, with Nike’s stock climbing by 5%, closing at $60.01. Analysts noted this as the largest open-market share buy by a Nike executive in over a decade. The investment triggered a sharp increase in Nike’s stock price, which peaked at $60.58, reflecting strong market confidence. Adding to the momentum, Pershing Square Capital Management, led by investor Bill Ackman, also acquired millions of dollars in Nike stock, positioning the firm as one of the largest shareholders in recent years. Nike’s shares ended the day at $60.01, marking a 4.66% gain, signaling renewed investor trust in the brand.
