Apple Stocks Pop 3% as Ternus Takes Helm

Apple's stock price surged nearly 3% yesterday as new CEO John Ternus began his tenure at the company. This boost added over $100 million to Apple's market value, solidifying its position as the world's second-most valuable company behind NVIDIA.

Ternus, who was previously VP of Hardware Engineering, will be paid $3 million in fiscal 2027, according to an SEC filing. In contrast, outgoing CEO Tim Cook's pay packet dropped by a third to $2 million as he stepped back into the role of Executive Chair of Apple's board.

In his first tweet as CEO, Ternus sent out a simple 'hello' from his new X account, which garnered congratulations from Elon Musk and a playful response from IBM. Cook, who remains involved in certain aspects of the company, including policy engagement, expressed his love for the Apple community on Twitter before passing the torch.