Tech giant Apple Inc.’s (NASDAQ:AAPL) CEO, Tim Cook, has just made a notable personal investment in Oregon-based sneaker giant, Nike Inc. (NYSE:NKE)

Tim Cook Expands Nike Holdings

Cook, who has served on Nike’s board since 2005, has acquired 50,000 shares in the company at an average price of $58.97 per share, in a transaction valued at $2.95 million, according to filings made with the Securities and Exchange Commission on Tuesday.

His total position in the popular apparel retailer now stands at 105,480 shares following the purchase, valued at $6.04 million, based on the stock’s closing price on Tuesday, at $57.34 per share.

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While Cook has received stock awards to the tune of $179,453 during his two-decade-long stint on Nike’s board, this marks his first-ever open market purchase.

Cook’s purchase comes on the heels of another significant insider purchase from Nike Director and former Intel Corp.