U.S. markets closed

Tim Cook Announces Apple 10M Masks Donation To US Health Workers

Shivdeep Dhaliwal

Apple Inc. (NASDAQ: AAPL) CEO Tim Cook announced the company has sourced 10 million face masks and is donating them to the medical professionals in the United States.

What Happened

Working from home, Cook released a video on Twitter saying, “Apple has sourced, procured and is donating 10 million masks to the medical community in the United States.” He added, “These people deserve our debt of gratitude for all of the work they’re doing on the front lines.”

Cook wrote in his tweet, “Proud to share we’ve been able to source 10M masks for the US and millions more for the hardest hit regions in Europe. Our ops teams are helping to find and purchase masks from our supply chain in coordination with governments around the world.”

Why It Matters

There is a surge in demand for surgical masks and respirators worldwide. Life Science Intelligence, a medical technology-focused market intelligence and consultancy company, said in its report that sales of these will exceed pre-pandemic estimates by 211% for masks and 305% for respirators.

Facebook Inc.'s (NASDAQ: FB) CEO Mark Zuckerberg has already donated 720,000 masks to health workers and Cook has announced a donation to first responders in Italy. Other tech company CEOs have also been helping in efforts to fight COVID-19.

Price Action

Apple shares traded 0.81% higher at $247.52 in the after hours session on Wednesday. The shares had closed the regular session 0.55% lower at $245.52.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.