Apple CEO Tim Cook donates $5M to charity

Posted:
in General Discussion edited February 2020
Apple chief Tim Cook last week donated 23,700 shares of owned company stock to an unidentified charity, an amount worth over $5 million on the day of the transaction.




Tim Cook executed the stock gift last Thursday, according to a U.S. Securities and Exchange Commission filing posted on Monday. Details of the transfer are unknown, as executives of publicly traded companies are not required to reveal the destination of charitable donations. Additionally, a reporting price was not applied to the transfer since no shares were sold.

The move continues Cook's record of giving. In 2015, the executive said he would take a "systematic approach" to philanthropy and give a bulk of his money away to charity, a process he kicked off with a 50,000-share donation to an unspecified organization that same year.

Interestingly, todays' reported gift was executed almost a year to the day after a similar transfer worth nearly $5 million was conducted last August.

Cook's history of charitable giving dates back years, with the Apple chief in 2014 offering up a "substantial sum" to the Human Rights Campaign's Project One America, a group focusing on the promotion of LGBT rights in the U.S. South. A second donation in 2014 to Pennsylvania's Steel Valley School District funded the purchase of iPads for students and teachers.

Beyond cash and stock infusions, Cook takes part in alternative philanthropic activities like auctioning off lunches through CharityBuzz. Proceeds of the online sales typically go to the Robert F. Kennedy Center for Justice & Human Rights, including a $330,000 bid in 2014.

Including an acquisition of 124 shares on Jan. 31, 2019, the last effective day of Apple's Amended Employee Stock Purchase Plan period, Cook is in control of 854,849 shares of beneficially owned Apple stock.
«1

Comments

  • Reply 1 of 27
    If it is not required by the stock regulations, no one will know about this.

    Good guy Tim.
    Soliwatto_cobra
  • Reply 2 of 27
    That's roughly 0.8% of his net worth. What a guy.
    cornchipgeorgie01Metriacanthosaurus
  • Reply 3 of 27
    StrangeDaysStrangeDays Posts: 11,566member
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    Jesus there's always one. Yeah man, he did a really shitty thing.

    Thought experiment -- say you own a home and your net worth is $500,000. When was the last time you donated $5,000 in one crack? I'm sure it's a regular occurance for you, right?

    Dunno about your charitable giving, but I usually donate a hundred bucks here and there. Far less than nearly 1% of my net worth.
    edited August 2019 Eric_WVGGlolliverfastasleepCarnagemike1rattlhedJanNLwatto_cobra
  • Reply 4 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    While such donations boggle my mind (in dollar amount) and are presumbly appreciated and commendable, this post has me asking how senior execs might respond if asked to anticipate truly living (entirely) on even an average salary for a few months or more, or perhaps alternatively leading by example via such as www.footprintcalculator.org/, perhaps with an executive (or corporate) 'leader board' for footprint...?
    edited August 2019
  • Reply 5 of 27
    entropysentropys Posts: 3,107member
    I would prefer execs donate their own money than that of the public company they work at. Good on you Tim Apple!
  • Reply 6 of 27
    macxpressmacxpress Posts: 5,172member
    entropys said:
    I would prefer execs donate their own money than that of the public company they work at. Good on you Tim Apple!
    If they're his shares of Apple who are you to tell him how he should spend them? What difference does it make if it just cashes in the stock and then donates it, or donates money he's already cashed in. 
    lolliverCloudTalkinfastasleepStrangeDayswatto_cobra
  • Reply 7 of 27
    macxpressmacxpress Posts: 5,172member

    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    Yeah he could have donated 0% too...This is such an asshole comment.
    lolliverfastasleepmike1StrangeDayswatto_cobra
  • Reply 8 of 27
    avon b7avon b7 Posts: 5,901member
    Every little helps and not only cash. I've spent the last 20 years giving free English classes a couple of hours a week. I regularly do work for free if I think the person could benefit and has no other viable options. I am owed thousands of euros by various people who have fallen on hard times and although they promise to pay it back at some point, I've written a lot of it off. I am far from rich, still have seven years on the mortgage, and am investing in essential flat improvements which I can't really afford to do in one go. 

    I think we can do what we can when we can. It doesn't have to be noteworthy to any degree but if you happen to be on the last rung of the ladder, any help, however small, can go a long way.

    Back in my government days we had a charity giving scheme that allowed us to give from our gross pay, and effectively give tax free.

    My mother spent her entire working life working for a charity and my brother (an addict who will die 'young' in spite of being 'clean') has spent the last 25 years (various hours, four or five days a week) helping other addicts manage their problems. I have friends in MSF and one in Africa now in the midst of the ebola crisis. Another about to go to Yemen.

    Having said all that I detest being 'pushed' to give (whatever the cause) and recently I've been a bit obnoxious with some efforts to get me to give. It just rubs me up the wrong way.

    I think this is a personal thing which is better handled on a private, personal level and if someone doesn't want to give their time, money or knowhow it isn't a problem for me. I'm not a radical in that sense but do think government should be making sure we have access to good, free, education, health and social services.

    As for Tim. No problem with his decision or the amounts but I don't think anyone should have that kind of book wealth for running a public company. But that's a different story.


    Carnageeideardchemengin1
  • Reply 9 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    What part of "systematic approach to philanthropy and giving away the bulk of his fortune" do you not understand?  Being charitable and being smart with his money are not mutually exclusive things.  Even if his donation was a one off, you'd still be wrong for trying to shade his charity as insignificant.  But it isn't a one-off donation.  It's one among a number of donations that have happened in the past and most likely many more to come in the future.  

    Even the most jaded curmudgeon should understand basic math.  Basic math says 0.8% of his net worth is a boatload of funding for one organization.  Considering he's donating to more than one organization, it kinda sorta almost makes a little bit of sense that he doesn't give it all to one org in one fell swoop.   
    fastasleepmacxpresseideard
  • Reply 10 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    Jesus there's always one. Yeah man, he did a really shitty thing.

    Thought experiment -- say you own a home and your net worth is $500,000. When was the last time you donated $5,000 in one crack? I'm sure it's a regular occurance for you, right?

    Dunno about your charitable giving, but I usually donate a hundred bucks here and there. Far less than nearly 1% of my net worth.
    I think the point is that for many people, probably most people, donating $50 is more significant to their finances than Cook donating $5m. While the donation may be a good thing (we don’t know where it was donated...), it shouldn’t be celebrated like it was some huge sacrifice for him. For some, donating 0.05 cents is a bigger sacrifice.
  • Reply 11 of 27
    mpantonempantone Posts: 1,609member
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    There is no requirement for anyone to donate a large percentage of their annual income to charity while they are still alive. One can easily donate the money after one has passed away.

    In fact, Warren Buffet decided early in his life to withhold charitable contributions until later in his life. He figured out that growing the capital would ultimately result in a much larger asset base to donate later in life. Now that he is in his Eighties, he has started to make some significant charitable contributions.

    I figure this is probably way beyond what a lot of Internet commenters can understand, but there are more strategic gift giving options than donating cash while you are still alive.

    And it's legal. Just go ask the IRS.
    edited August 2019 eideardwatto_cobra
  • Reply 12 of 27
    SoliSoli Posts: 10,030member
    macxpress said:
    entropys said:
    I would prefer execs donate their own money than that of the public company they work at. Good on you Tim Apple!
    If they're his shares of Apple who are you to tell him how he should spend them? What difference does it make if it just cashes in the stock and then donates it, or donates money he's already cashed in. 
    I read his comment to mean that corporations shouldn't donate money to a charity, not that a stockholder shouldn't sell their shares to donate money to a charity.
    entropysmike1
  • Reply 13 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    I don’t think that’s fair - $5 mil is a large donation, and I like the way he did it without publicity
    mike1watto_cobra
  • Reply 14 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    I don’t think that’s fair - $5 mil is a large donation, and I like the way he did it without publicity
    In this age of Social (sic) media influencers, sponsored posts, tweets and the like, I think your comment is perfect.
    eideardmike1Metriacanthosauruswatto_cobra
  • Reply 15 of 27
    SpamSandwichSpamSandwich Posts: 33,408member
    Tim’s money/stock, not mine. What he chooses to do with it is his business and no one else’s... except for maybe the SEC... and the IRS.
    mike1
  • Reply 16 of 27
    entropysentropys Posts: 3,107member
    Soli said:
    macxpress said:
    entropys said:
    I would prefer execs donate their own money than that of the public company they work at. Good on you Tim Apple!
    If they're his shares of Apple who are you to tell him how he should spend them? What difference does it make if it just cashes in the stock and then donates it, or donates money he's already cashed in. 
    I read his comment to mean that corporations shouldn't donate money to a charity, not that a stockholder shouldn't sell their shares to donate money to a charity.
    Yes. Some people get confused with the diff between private and public ownership.
  • Reply 17 of 27
    looplessloopless Posts: 212member
    Tim Cook has publicly stated he will be giving away ‘all’ his fortune to charitable causes . This is just a start. Thank goodness for people like him and bill gates.
    watto_cobra
  • Reply 18 of 27
    StrangeDaysStrangeDays Posts: 11,566member
    georgie01 said:
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    Jesus there's always one. Yeah man, he did a really shitty thing.

    Thought experiment -- say you own a home and your net worth is $500,000. When was the last time you donated $5,000 in one crack? I'm sure it's a regular occurance for you, right?

    Dunno about your charitable giving, but I usually donate a hundred bucks here and there. Far less than nearly 1% of my net worth.
    I think the point is that for many people, probably most people, donating $50 is more significant to their finances than Cook donating $5m. While the donation may be a good thing (we don’t know where it was donated...), it shouldn’t be celebrated like it was some huge sacrifice for him. For some, donating 0.05 cents is a bigger sacrifice.
    I think you completely failed to do the thought experiment. For a person with a net worth of $500,000, you would have to donate $5,000 for a 1% donation. When have you *ever* done that? Never. Never is when you've done that. 

    And what makes the all-knowing boneheads believe this is and will be the only donation of his entire damn life?

    Do you not see what is wrong with you?
    tmaywatto_cobra
  • Reply 19 of 27
    eightzeroeightzero Posts: 2,632member
    loopless said:
    Tim Cook has publicly stated he will be giving away ‘all’ his fortune to charitable causes . This is just a start. Thank goodness for people like him and bill gates.
    Yes indeed. A great alternative to taking it with them. 
    watto_cobra
  • Reply 20 of 27
    nethan9 said:
    That's roughly 0.8% of his net worth. What a guy.
    I don’t think that’s fair - $5 mil is a large donation, and I like the way he did it without publicity
    That's rich. The only reason you even know about it is because of publicity.
Sign In or Register to comment.