Apple CEO Tim Cook is now a billionaire

AppleInsider

Apple CEO Tim Cook's personal net worth has recently crossed the $1 billion mark, per a new report citing regulatory filings and market estimates.

Credit: Apple

Apple has more than doubled its revenue and profits since Cook took over for Steve Jobs in 2011. Apple's Share price is also up nearly 5% since the beginning of August, and the Cupertino company is on the verge of hitting a $2 trillion market valuation.

Because of those gains, Cook is now also worth more than ever before. According to calculations by Bloomberg, Cook's net worth recently eclipsed the $1 billion milestone.

That's based on "an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales." The majority of Cook's net worth comes from equity awards that he has received since joining Apple in 1998.

Currently, Cook owns 847,969 shares of AAPL, worth about $375 million based on Monday's share price. Other compensation -- such as proceeds from past share sales and dividends -- bring in another $650 million, and the ninth payout from Cook's equity awards should add another $100 million to Cook's wealth.

Cook's status as a billionaire CEO is rare, Bloomberg adds, because he did not found the company that he currently helms.

In 2019, Cook ranked second in a listing of the highest paid U.S. chief executives, behind only Tesla CEO Elon Musk.

Of course, Bloomberg acknowledges that Cook's net work could be "lower" if he has made undisclosed donations to charity.

The Apple executive is well-known for his philanthropy, and in 2015, he pledged to give away most of his wealth to charitable causes in a "systematic approach." In 2019, Cook donated around $5 million worth of stock to an undisclosed charity.

jintech

Who cares? Not me. Congrats I guess.

I will say, I do like that he is an openly gay CEO of one of the most successful companies on this planet, and it's nice to see that with that being said, he is a billionaire. While I know this could steer the topic into a different discussion, I do understand why he came out and I am happy he did (even though we all knew.)

edited August 2020

beats

Probably the last CEO of a major tech company to become a billionaire further debunking the "greedy Apple" myth.

buttesilver

Well, he's still isolated from reality of regular Americans hence, joining the fight to get H1-B Visas back in play.  Can't get rich if your American workers are Americans after all.

beats

buttesilver said:

Beats said:

Probably the last CEO of a major tech company to become a billionaire further debunking the "greedy Apple" myth.

Could be true - but he's also newer to the CEO game as well.  Good for him though, most of us are just trying to keep/get employed to pay the bills.

I mean how "new"? Like new-new or old-new.  He's worked for Apple for decades and has been CEO for 9 years.

mknelson

Beats said:

Probably the last CEO of a major tech company to become a billionaire further debunking the "greedy Apple" myth.

Non-greedy Tim Cook does not preclude "greedy Apple".

beats

mknelson said:

Beats said:

Probably the last CEO of a major tech company to become a billionaire further debunking the "greedy Apple" myth.

Non-greedy Tim Cook does not preclude "greedy Apple".

oOps! Forgot the man in charge isn't the one in charge.

Moral of the story: Apple is driven by being the best at what it does, not money. Money naturally comes with success.

macpro

Worth every cent.

entropys

Not bad for a wage slave.

ios_guy80

MacPro said:

Worth every cent.

Ditto 👏👍

dysamoria

So, uh, congratulations to Tim Cook, I guess? I mean... most of us can’t even find living wage jobs, let alone jobs that let us save money. I was there once, but that job was destroyed by sociopaths and I’ve been on disability since. It actually would financially *HURT* me to get “a job” in this horrible economy.

lonestar88

He wouldn't be a billionaire if it weren't for the long-term success of Apple, Inc., which he's managed very well since Steve handed over the reins.

gatorguy

AppleInsider said:

Apple CEO Tim Cook's personal net worth has recently crossed the $1 billion mark, per a new report citing regulatory filings and market estimates.
 In 2019, Cook donated around $5 million worth of stock to an undisclosed charity.

You might research DAF's, donor advised funds. Seems like a very popular way of "giving" in Silicon Valley over the past few years (Larry Page is a big proponent), which also explains the anonymity of the charity the money is donated to because it's not. Definite tax advantages and the donor still controls the money.

To be clear I'm not factually stating that's where' Mr. Cook's $5M went, but it does seem a sensical guess. 

edited August 2020

elijahg

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

xed

z

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

@gatorguy, this might be why wealthy, famous people don't donate anonymously. People like this will assume they're greedy assholes if they are generous and donate make their donations known. They won't even factor in that this news of his wealth isn't absolute, that it's factored on stock price (not cash on hand), and that his $5M donation was when he was worth considerably less. They also won't consider that Cook has already stated that he's leaving his wealth to charity when he dies.

edited August 2020

anantksundaram

Good for him.

Kudos, Tim.

anantksundaram

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

What a ridiculous post. Do you know what that stock is worth now?

And, your dismissive statement about a person making $70,000 per year donating $3,500 is shocking: you really think that is a trivial sum of money for someone making $70K?*

*(I am ignoring your poor arithmetic, and focusing on your disdain for a $3500 donation by a person making not much more than the national average).

edited August 2020

elijahg

Xed said:

z

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

@gatorguy, this might be why wealthy, famous people don't donate anonymously. People like this will assume they're greedy assholes if they are generous. They won't even factor in that this news of his wealth isn't absolute, that it's factored on stock price (not cash on hand), and that his $5M donation was when he was worth considerably less. They also won't consider that Cook has already stated that he's leaving his wealth to charity when he dies.

Donating 0.5% of your $1bn wealth is "generous"? You realise he could donate some of his stock to charity? If he was worth half as much in 2019 when he donated (which is unlikely), it would have been 1% instead. Wow, what a generous chap.

elijahg

anantksundaram said:

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

What a ridiculous post. Do you know what that stock is worth now?

And, your dismissive statement about a person making $70,000 per year donating $3,500 is shocking: you really think that is a trivial sum of money for someone making $70K?*

*(I am ignoring your poor arithmetic, and focusing on your disdain for a $3500 donation by a person making not much more than the national average).

Yes thank you, not sure what Apple's stock has to do with the donations of its CEO. No, I do not think $3500 is a trivial sum of money, and if you think my arithmetic is poor, perhaps you should explain how or go back to school. But it puts into perspective to a certain extent how vast the sum is that Cook has amassed, and how little he donated. Not quite on the same level of Bill Gates for example. Obviously, it's entirely up to him what he donates to and to whom, and I am respectful of the fact that he has pledged to give the majority of his wealth to charity, but actions speak louder than words.

edited August 2020

gatorguy

elijahg said:

anantksundaram said:

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

What a ridiculous post. Do you know what that stock is worth now?

And, your dismissive statement about a person making $70,000 per year donating $3,500 is shocking: you really think that is a trivial sum of money for someone making $70K?*

*(I am ignoring your poor arithmetic, and focusing on your disdain for a $3500 donation by a person making not much more than the national average).

Yes thank you, not sure what Apple's stock has to do with the donations of its CEO. No, I do not think $3500 is a trivial sum of money, and if you think my arithmetic is poor, perhaps you should explain how or go back to school.

Wouldn't it be the equivalent of $350 and not $3500?

edited August 2020

elijahg

gatorguy said:

elijahg said:

anantksundaram said:

elijahg said:

Quite galling that someone worth $1bn donated just 0.5% of his wealth to charity. The average American is worth $70k, so the equivalent of them donating $3,500 of their wealth. What can one person do with $1bn? I guess as a bean counter he is absolutely thrilled to see the value in his bank account grow. And people say Apple isn't greedy.

What a ridiculous post. Do you know what that stock is worth now?

And, your dismissive statement about a person making $70,000 per year donating $3,500 is shocking: you really think that is a trivial sum of money for someone making $70K?*

*(I am ignoring your poor arithmetic, and focusing on your disdain for a $3500 donation by a person making not much more than the national average).

Yes thank you, not sure what Apple's stock has to do with the donations of its CEO. No, I do not think $3500 is a trivial sum of money, and if you think my arithmetic is poor, perhaps you should explain how or go back to school.

Wouldn't it be the equivalent of $350 and not $3500?

Yes you're right, apparently it is me who needs to go back to school after all (or perhaps bed, 2am here), missed a zero 🤔 apologies @anantksundaram! ;
However that does puts into perspective even more so how little it is.

edited August 2020