Apple chief executive Tim Cook has sold $57.8m (£45m) of shares following a performance award as the company's market valuation has exceeded $1 trillion for the first time.

Mr Cook sold 265,000 Apple shares, according to a US regulatory filing, netting the Apple boss tens of millions of dollars.

His share awards are tied to the company's performance compared with other listed US companies. If it outperforms two thirds of the market, the chief executive receives 560,000 shares in the company as a performance award.

The share reward is worth a total of $121m, although the remainder has been withheld to cover tax obligations.

This year Apple's share price has risen 27pc, hitting a new all time high of $220 in Tuesday trading. The company is expected to release a trio of new smartphones in September, which experts expect to be called the iPhone 9 or iPhone Xs.

Apple's smartphone business remains its biggest profits driver, after the average price of its phones increased following the release of its first $1,000 phone last year.