Apple CEO Tim Cook donates $6.56M to charity
An SEC filing posted Friday reveals Apple CEO Tim Cook donated 50,000 shares of Apple stock worth more than $6.56 million to an unspecified charity, the latest gift in a flurry of philanthropic activity rarely seen with company executives.
According to the Form 4 filing, Cook's gift was executed on Thursday with 50,000 shares of directly owned stock transferred to an unspecified organization. The Apple chief is obliged to disclose movement of owned shares, but is not required to publicly report the transaction's recipient.
Apple did not immediately respond to AppleInsider's request for comment.
Since taking the reins at Apple, Cook has been an active proponent of giving, most recently auctioning off a one-on-one lunch and tickets to an Apple keynote event through online auction service CharityBuzz. Proceeds of that sale went to the Robert F. Kennedy Center for Justice & Human Rights. A similar charity auction went for $330,000 last year.
This week's contribution follows a December donation to the Human Rights Campaign's Project One America, which focuses on promoting LGBT rights in the U.S. South.
In March, Cook said he plans to give a bulk of his fortune -- currently floating at around $1 billion -- away to charity in what he called a "systematic approach" to philanthropy.
According to the Form 4 filing, Cook's gift was executed on Thursday with 50,000 shares of directly owned stock transferred to an unspecified organization. The Apple chief is obliged to disclose movement of owned shares, but is not required to publicly report the transaction's recipient.
Apple did not immediately respond to AppleInsider's request for comment.
Since taking the reins at Apple, Cook has been an active proponent of giving, most recently auctioning off a one-on-one lunch and tickets to an Apple keynote event through online auction service CharityBuzz. Proceeds of that sale went to the Robert F. Kennedy Center for Justice & Human Rights. A similar charity auction went for $330,000 last year.
This week's contribution follows a December donation to the Human Rights Campaign's Project One America, which focuses on promoting LGBT rights in the U.S. South.
In March, Cook said he plans to give a bulk of his fortune -- currently floating at around $1 billion -- away to charity in what he called a "systematic approach" to philanthropy.
Comments
Nice, Tim.
I hoped he picked the one with minimal admin overhead and not scammers like this: http://www.businessinsider.com/small-amount-of-money-from-pink-nfl-merchandise-goes-to-breast-cancer-research-2013-10
Very generous!
I'm not sure what you are whining about here, that is an awfully nice chunk of change for each $100 item. It is far far better than the almost non existent amount of good done with other programs. This is hardly a scam! Beyond that you need to consider the visibility that the NFL brings to the problem which is extremely valuable.
Breast cancer is a horrible illness that strikes far to early, as such helping research is important. If the NFL can help with that research and keep the issue in the public mind all the better. To characterize this as a scam is asinine, I'm really hoping that you don't think they should be giving this stuff away for free.
He’s not married as far as we know. We don’t know if he has a partner or children. So what else is he going to do with his money?
Buy a mansion? A yacht? A fleet of Bugatti Veyrons? Book a trip to the space station? Just save it, invest it, and watch it grow?
Maybe he'll get a partner in the future? Adopt a child/children? Or has nieces and nephews to whom he might want to leave a bequest?
Who the **** are you to prescribe or to judge?
Almost all charities average 85% of their donations going to administrative costs. They are all nearly scams.
People go into non-profit work to get wealthy.
You want your money to go exclusively for science to improve the chances of working on the human genome and turning off cancer? Then donate it to promising research, sit on the board and manage it.
I believe you, but where are you getting your information?
Was it Vic Reeves who said nearly 85% of statistics are made up on the spot?
On the contrary, I think you'll find it's t'other way round...
http://www.smallcharitydirectory.co.uk/what-percentage-of-donations-go-to-charity
Almost all charities average 85% of their donations going to administrative costs. They are all nearly scams.
People go into non-profit work to get wealthy.
Not to be contrary, but to correct the record: There are very few charities who spend such a large proportion of their income on administrative expenses and survive to tell the story. The average is closer to the range of 10-20%. In fact, in the field of charity ethics, there are widely recognized thresholds of administrative expenditure at 10% and 20%: Under 10% is considered great; while 10-20% is considered acceptable; and more than 25% becomes potentially controversial, depending on the organizational model and other factors.
It is absolutely common and wise.
Let's say an individual had a share of AAPL that they acquired at $50.
If they sold it for $130, they would owe capital gains tax on $80 (or the difference between $50 and $130).
They would then get a deduction for the $130 that they donated.
However, if the person just gave the charity the appreciated share, they could deduct $130 without paying any capital gains tax.
The charity could then immediately as a tax exempt organization sell the share and use the proceeds.
This method allows people to donate more to charity than they otherwise would. I think it is a good law because it encourages people to do something with their money that has a strong positive impact on society.
On the contrary, I think you'll find it's t'other way round...
http://www.smallcharitydirectory.co.uk/what-percentage-of-donations-go-to-charity
Yes!
Right. Donating to Republicans is clearly bad; perhaps he should try the Clinton "Foundation". :rolleyes: