Apple CEO Tim Cook has finally become a billionaire now that his company is about to reach $2 trillion valuation. It took 9 years for Cook to reach billionaire status as CEO, which was also held by his predecessor, Steve Jobs.
As per Bloomberg, Apple's shares rose 5% last week, which has it currently valued at 1.928 trillion. The Cupertino giant is well on its way to becoming the first $2 trillion public company. Tim Cook's shares in Apple stocks have done well thanks to the meteoric rise in the company's value. From $350 billion company value when Steve Jobs left his position as Apple CEO, Tim Cook has done well to steer the company towards greater heights of success.
Cook had received restricted shares on his first day as Apple CEO and currently owns 847,969 shares, equivalent to 0.2% of Apple shares worth $375 million. Based on Apple's stock performance in the S&P 500, he is expected to receive his 9th payout of 560,000 shares later this month. Bloomberg estimates that based on previous share sales, and compensations, Cook owns $650 million, in addition to the $375 million worth of Apple shares he owns. This puts him around the $1.025 billion net worth mark.
Tim Cook, 59, has already committed to giving away most of his wealth. He's known to have gifted millions of dollars of Apple shares for charitable purposes and it is expected that there might be more that he's given away but not disclosed publicly.
Cook’s net worth estimate is based on an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales. Cook, 59, said in 2015 that he plans to give most of his fortune away and has already gifted million of dollars worth of Apple shares. His wealth could be lower if he’s made other undisclosed charitable gifts.
Despite his position as a billionaire now, Tim Cook does not rank high on any of the indexes. There are a lot more billionaires in the world with net worth far more than that of Apple's CEO.
Among the FAANG companies, Apple's CEO Tim Cook was the only one who was not a billionaire. Others like Jeff Bezos, Sundar Pichai, Reed Hastings, and Mark Zuckerberg are all billionaires, with Bezos being the richest man in the world at an estimated net worth of 189.8 billion USD.
The post Apple CEO Tim Cook Becomes a Billionaire As The Company Nears $2 Trillion Valuation by Imran Hussain appeared first on Wccftech.
source https://wccftech.com/apple-ceo-tim-cook-becomes-a-billionaire-as-the-company-nears-2-trillion-valuation/
