Apple boss Tim Cook joins the billionaires club
We have all heard the saying “ this time next year we will be millionaires”. Have you ever thought about being a billionaire?
The BBC broke the news on the website today that – Apple’s chief executive Tim Cook is now a billionaire. All thanks to the company’s rising share price. The 59 year old’s wealth was calculated by the Bloomberg Billionaires Index. Apple’s share price has soared during his time in charge, from around £40 to more than £343 today.
He joined the technology giant in 1998 at the request of Steve Jobs, who he replaced as chief executive in 2011.
Mr Cook owns more than 847,000 Apple shares directly, worth more than £291m.
Proceeds from previous share sales, dividends and other compensation add another £497m to his net worth, according to calculations by Bloomberg.
Last year Mr Cook was paid £95m, the majority of which came in the form of vested shares. His basic salary is £2.3m.
Chief executives of other tech companies, including Facebook’s Mark Zuckerberg and Amazon’s Jeff Bezos, have a much higher net worth because they often own a large proportion of their company’s shares.
Two years ago, Apple became the first US-listed company to be valued at a trillion pounds.
The company is now worth about £1.45tn and analysts believe it will pass the £1.5tn mark this year.
How does Mr. Cook plan to spend his fortune?
Mr Cook has said he will give away his entire fortune before he dies. He told Fortune magazine that he would fund his nephew’s education before giving his wealth to charity.
Two causes that are close to his heart are HIV/AIDS prevention and treatment. As well as climate change, he said – telling the magazine he had already started to quietly donate.
“You want to be the pebble in the pond that creates the ripples for change,” he said at the time.
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