Apple chief Tim Cook has purchased Nike shares worth approximately $3 million, nearly doubling his personal stake in the sportswear giant.
The move signaled strong confidence in the company’s turnaround strategy, causing Nike shares to close 4.6% higher .
Analysts described this as the largest open market purchase by a Nike director in over a decade.
It is seen as a vote of confidence in CEO Elliott Hill’s “Win Now” actions, despite recent reports of sluggish sales and weaker margins in China .
Cook, who has served on Nike’s board since 2005, remains a key advisor to the company and maintains close ties with co-founder Phil Knight.
His investment comes as Nike attempts to mend retailer relationships and revive demand through new innovation .
