Nike Shares Surge After Apple CEO Tim Cook Doubles Down with $3 Million Stock Purchase

Cook’s largest-ever open-market buy in Nike boosts investor confidence in CEO Elliott Hill’s turnaround strategy.

Shares of Nike jumped nearly 5% on Wednesday after a regulatory filing revealed that Apple CEO Tim Cook had significantly increased his personal stake in the sportswear giant—an endorsement that investors quickly interpreted as a vote of confidence in the company’s recovery plan.

According to the filing released Tuesday, Cook purchased 50,000 shares at $58.97 each, investing roughly $3 million and nearly doubling his holdings in Nike. As of Dec. 22, Cook now owns approximately 105,000 shares, valued at close to $6 million.

The market responded swiftly, with Nike shares closing 4.6% higher, marking one of the stock’s strongest sessions in recent weeks.

Cook, who has served on Nike’s board since 2005 and has been its lead independent director since 2016, made the largest open-market stock purchase by a Nike director or executive in more than a decade, according to Jonathan Komp, analyst at Baird Equity Research.

“We see Cook’s move as a positive signal for the progress under CEO Elliott Hill and Nike’s ‘Win Now’ actions,” Komp said, highlighting the symbolic weight of an insider purchase at a pivotal moment for the company.

The investment comes shortly after Nike reported weaker quarterly margins and soft sales in China, underscoring the challenges facing newly appointed CEO Elliott Hill, who is working to revive demand through refreshed marketing strategies and renewed innovation in core categories such as running and performance sports. Hill is also phasing out underperforming lifestyle brands and rebuilding relationships with wholesale partners, including Dick’s Sporting Goods, to improve in-store visibility amid growing competition from newer athletic brands.

While some investors remain cautious, Cook’s purchase has been widely viewed as a constructive signal. “For Tim Cook to be an inside buyer is a modest positive,” said David Sowerby, portfolio manager at Ancora Advisors. The firm exited its Nike position more than a year ago, citing concerns over weak innovation, excess inventory, and loss of market share under previous leadership.

Despite recent optimism, challenges persist. Nike’s margins have been under pressure for more than a year, and its efforts to reclaim momentum in price-sensitive Chinese markets have yet to deliver clear results. The stock has fallen nearly 13% since its earnings report on Dec. 18 and is on track for a fourth consecutive year of declines, though it was trading at $60.19 on Wednesday.

Cook’s influence at Nike runs deep. He assumed the role of lead independent director after co-founder Phil Knight stepped down as chairman in 2016 and remains “extremely close” to Knight, according to Komp. Cook has also advised the company through major strategic decisions, including Hill’s appointment as CEO last year.

Adding to the show of insider confidence, Robert Swan, former Intel CEO and current Nike board director, also purchased approximately 8,700 shares this week, investing about $500,000.

While Nike’s turnaround is still unfolding, Tim Cook’s decisive move has delivered a clear message to the market: leadership believes the strategy is on the right track—and investors took notice.