Apple CEO Tim Cook donates $5M to charity
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.
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.
Comments
Good guy Tim.
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.
Yeah he could have donated 0% too...This is such an asshole comment.
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.
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.
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.
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?