Tim Cook, the CEO of Apple, has joined the billionaire’s club after almost a decade working at one of the world’s most valuable companies. Cook’s net worth recently took a leap after Apple’s shares jumped last week. He is now closer to the $2 trillion track.
This year, Apple’s shares have been up nearly 54%, and its market cap is at $1.9 trillion. Data shows that with Apple’s shares going for around $451 each, the company has outperformed the tech sector and the broader market.
Cook’s billionaire status was calculated by Bloomberg Billionaires Index that bases its findings on Apple’s regulatory filings.
Over the years, the tech industry has produced several billionaires, including Mark Zuckerberg, who is the Facebook co-founder, and Jeff Bezos, the Amazon founder. But, Cook’s new billionaire status is something rare as he isn’t the founder of Apple.
For example, Google’s CEO, Sundar Pichai, is not among the wealthiest individuals in Silicon Valley. In contrast, the founders of Google, Sergey Brin, and Larry Page are worth about $69.5 billion and $71.7 billion, respectively.
Although Cook holds the top executive position at Apple, he only owns around 0.02% of shares, which is roughly worth $375 million. Cook has received numerous stock awards in recent years that have added to his estimated wealth.
He has also received other forms of compensation that have contributed to his billionaire status. According to a regulatory filing, Cook’s pay doubled last year to $9.2 million, with his bonus doubling to $6.7 million.
As part of his welcome package to Apple as the CEO, Cook was awarded $145 million worth of shares. Currently, he has $536 million worth of this stock that has not yet vested. He is expected to receive these shares over the course of six years.
When Cook joined Apple in 2011, his pay package was valued at $378 million. Luckily, Apple’s shares have grown significantly over the past three years, and with an 80% increase, Cook’s pay package stands at $681 million.
Just last year, Cook’s annual base salary was at $3million, and he was one of Apple’s lowest-paid executives.
Tim Cook history
Tim Cook was born in 1960, and he is widely known for being the first fortune 500 CEO to announce he’s gay. He has had numerous achievements during his lifetime and is a successful industrial engineer, philanthropist, and American business executive.
Cook first worked at IBM after graduating from Auburn University. Here, he spent 12 years serving in the personal computer business. During this time, Cook attended Duke University, where he earned his MBA. He also worked at Compaq for about six months as the Vice President but later left the position after being hired at Apple.
Cook is on the board of directors at Nike and serves as a trustee at Duke University. Prior to becoming the CEO of Apple, Cook worked under the leadership of Steve Jobs (Apple’s Founder) as a chief operating officer.
Cook first joined Apple in 1998, working as a senior vice president. Later on, he worked as the company’s executive vice president, advocating for corporate taxation, cybersecurity, environmental preservation, and American manufacturing.
Under Cook’s leadership, Apple has managed to double its profits and revenue. This has seen an increase in its market value from $348 billion to $1.9 trillion. Cook plans on donating his entire Apple stock fortune to charity.
Tim Cook now
Cook has made significant changes at Apple that have seen its growth and scalability since 2014. His leadership style focuses on strategy, people, and execution, which he believes are the key to success. As a philanthropist, Cook has increased Apple’s donations to charities, and he publicly supports the LGBTQ community.
With this, he hopes to help individuals that struggle with their sexuality. Cook has also donated to several political campaigns such as Barack Obama’s election, Hillary Clinton’s presidential campaign, and Senator Rob Portman’s fundraising.