Tim Cook joins the billionaire club as Apple approaches $2 trillion market cap

[Shawn Knight]

In brief: Apple CEO Tim Cook now has a net worth north of $1 billion, putting him in the rather exclusive “10-figure net worth club.” But for Cook, the accomplishment is even more improbable considering he didn’t found the company he runs.

Bloomberg estimated Cook’s net worth based on regulatory filings and “applying the market performance of a typical wealthy investor to his proceeds from share sales.” Most of his estimated wealth came as a result of equity awards earned during his career at Apple, which started way back in 1988 when he joined the company as senior vice president of worldwide operations.

Cook took over as CEO on August 24, 2011, as Steve Jobs stepped down due to health issues. Roughly six weeks later, on October 5, 2011, Jobs died from complications of pancreatic cancer.

Despite the odds, Cook has managed to push Apple to new heights. The company was worth around $350 billion when Jobs died in 2011. Today, it is approaching a $2 trillion market cap.

Even with an estimated net worth of over $1 billion, Cook isn’t wealthy enough to break into the top 500 of the Bloomberg Billionaires Index. The least wealthy person on the list has an estimated net worth of $4.51 billion. On the opposite end of the spectrum, you’ve got Amazon founder Jeff Bezos at number one with an estimated net worth of $186 billion. Microsoft co-founder Bill Gates is second at $121 billion followed by Facebook founder Mark Zuckerberg at $99.7 billion.

In 2015, Cook said he planned to give away most of his fortune to charity.

Image credit: Laura Hutton, Novikov Aleksey

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https://www.techspot.com/news/86326-tim-cook-joins-billionaire-club-apple-approaches-2.html

 

[OortCloud]

The company hasn't produced a single truly new product during his entire time at the helm. They fiddle and hint at big plans with cars and tv etc but nothing of any significance every gets released. Just rehashing the same stuff again and again. Apple have gone from innovators to the most staid and dull corporate bean-counter bent on wringing as much money from their former-glories as they can manage.
Seems to be working....

 

[p51d007]

Hummm...not one mention that he's one of the "evil rich" like a lot of other people will
talk about. Media darling...but, if you are politically on the other side, you are a
hated "evil rich".

 

[sorten]

I'm stunned he wasn't already a billionaire. Steve Ballmer from Microsoft is a billionaire many times over and he didn't found Microsoft. Sheryl Sandberg from Facebook was only the CFO.

If Cook just reached it despite starting as a SVP 32 years ago, he either cashed in a lot of his options too early or maybe Jobs was stingy with those grants.

 

[Seraphim401]

WTF!
Are you telling me that Apple's market cap is approaching Italy's gdp?

 

[candle_86]

And once the switch to arm for osx expect his value to fall as apple stock takes a hit

 

[zamroni111]

I'm stunned he wasn't already a billionaire. Steve Ballmer from Microsoft is a billionaire many times over and he didn't found Microsoft. Sheryl Sandberg from Facebook was only the CFO.

If Cook just reached it despite starting as a SVP 32 years ago, he either cashed in a lot of his options too early or maybe Jobs was stingy with those grants.

He was among early employees so got significant stock options, I.e. 8% in 1981

 

[Markoni35]

Hummm...not one mention that he's one of the "evil rich" like a lot of other people will
talk about. Media darling...but, if you are politically on the other side, you are a
hated "evil rich".

Goldman Sachs has probably the largest number of "evil rich" on the planet. It's the bank that (together with their friends) has ruined the world economy in 2008. The amount of debt they imposed is incredible. Only in Germany they introduced 50,000 billions of euros debt (that's more than 50 trillion dollars) through their dirty connections in Deutsche Bank and semi-legal derivatives (that should be declared illegal globally).

All of that money didn't disappear. The bastards in Goldman Sachs and elsewhere got their hands on it. Making them the richest people of all times. But you won't find those stinking bastards on the Forbest 500 list. They are too rich to be there. Tim Cook is like a little malnourished baby compared to bandits from Goldman Sachs.

So... if you need a prototype of "evil rich" just lookup for any major stockholder or CEO of Goldman Sachs. Although it's not that easy to get the complete list of their stockholders. Or their real income for that matter. Because the legal part on which they pay taxes... is irrelevant.