The chief executive officer Tim Cook of the tech giant Apple, currently the world’s most valuable company, just turned billionaire per a new analysis. The company, known for its popular iPhone product, is just a few billions shy of being valued as $2 trillion.
According to Bloomberg Billionaires index, Tim Cook’s estimated net worth rose to surpassing the billion mark, as shares for Apple also kept soaring. Just last week, Apple’s share climbed by 5 percent. His approximated wealth is a combination of his salary from Apple, his shares that he owns, and proceeds from his share sales.
Bloomberg also cites that 59-year old Cook, although he is the chief executive of Apple Inc., only owns around 0.02 percent of the company’s shares, estimated to be worth about $375 million. He also has a yearly base pay of $3 million in 2019, per the company’s filing. However, he has been at the receiving end of stock awards and different compensations, which added to his estimated net worth. He also has a board seat at sneakers firm Nike.
Tim Cook's net worth has eclipsed $1 billion as Apple's market value nears $2 trillion https://t.co/dLcgwP7fXu
— Bloomberg (@business) August 10, 2020
Cook has served as CEO for the iPhone company since Steve Jobs, the founder and previous head of Apple, stepped down in 2011, some weeks before Jobs’ death. Apple Inc. was just valued at $350 billion around that time. Incumbent CEO was especially handpicked by Jobs to replace him, per Cook’s biographical book. Cook was not as well-known as his predecessor, but took Apple even further with his
It is also noteworthy how unusual it is for any non-founder chief to reach the one billion mark. But with the tech company’s market cap reaching around $1.9 trillion, Cook has brought Apple to the top spot of the most valuable publicly traded company. It even surpassed Saudi Aramco, a state-owned oil firm in Saudi Arabia, last month.
Although, he could still be miles away from the likes of Amazon boss and owner Jeff Bezos, the richest person on the planet with $187 billion, and Facebook chief exec and inventor Mark Zuckerber with $102 billion.
Meanwhile, other chief execs in the tech world who did not found the company they are overseeing are CEOs of Microsoft and Google, Satya Nadella and Sundar Pichai respectively.
In addition, Cook is also the first CEO that is part of Fortune 500 companies to come out as gay.