Apple Boss Tim Cook Is Finally A Billionaire
Nine years after taking over from Apple founder Steve Jobs, CEO Tim Cook has reached billionaire status.
Considering each new iPhone costs hundreds and hundreds of pounds, and that nowadays you have to pay for pretty much every accessory and new piece of compatible technology to go with it – not to mention the funds from Apple Music and Apple TV – it seems baffling that Cook hasn’t raked in more than one billion dollars until now.
Still, he’s finally made it across the threshold, making him one of a handful of people who can laud their cash over the rest of us. He’s still got a way to go until he catches up with Mark Zuckerberg, who became a centibillionaire last week, but hopefully he’ll be satisfied enough with 10 figures.
Cook crossed the threshold following a rise in Apple’s market value as a result of strong results and the upbeat outlook for tech giants. Last year alone, he took home more than $125m (£96m) as part of his pay package with the help of the 847,969 Apple shares he owns directly, BBC News reports.
According to Apple Insider, the company has more than doubled its revenue and profits since Cook took over from Jobs in 2011. As of Monday, August 10, Cook’s shares were worth about $375 million.
Technology companies including Apple, Facebook and Amazon have also seen their profits grow during the coronavirus pandemic as more people spent time online, browsing, shopping and streaming from their homes. Since the beginning of August, Apple’s share price is up nearly 5%.
Apple, which is based in Silicon-Valley, is now closing in on the milestone of being the first company to be valued at $2 trillion after becoming the first to be valued at $1 trillion two years ago.
Cook’s billionaire status has been calculated by the Bloomberg Billionaires Index, which based his worth on the shares he owns and the compensation he has been paid at Apple, such as proceeds from past share sales and dividends.
Bloomberg said Cook’s status as a billionaire CEO is rare because he did not found the company that he currently runs. The most groundbreaking Apple product remains the iPhone, released under Jobs, but Cook has overseen the development of devices such as the iPhone X and Apple Watch, as well as new services like Apple Music.
Cook has indicated in the past that he won’t keep all of his wealth to himself, as in 2015 he announced plans to give most of his fortune away. He has already donated millions of dollars worth of Apple shares.
Hopefully his generosity will continue now he’s in the billionaires club.
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Bloomberg Billionaires Index