Apple’s Tim Cook doubles Nike stake, endorses CEO Hill’s turnaround push

Apple chief Tim Cook bought shares worth about $3 million in Nike, a move that nearly doubled his personal stake in the sportswear maker and signaled confidence in the turnaround strategy laid out by CEO Elliott Hill.

Shares ‌of the company ‌closed 4.6% higher on Wednesday after a regulatory filing showed that Cook, who has been on Nike’s board since 2005, bought 50,000 shares ‌at $58.97 each.

As of December 22, he held about 105,000 shares, according to the filing released on Tuesday.