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Home / Business / Apple boss Tim Cook joins the club of billionaires

Apple boss Tim Cook joins the club of billionaires



Apple CEO Tim Cook has shifted to billionaire status.

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Apple CEO Tim Cook has relocated to the billionaires’ club as the tech firm’s stock price continues to rise.

Apple̵

7;s market value has been on the rise following strong results and optimistic outlook for the tech giants.

Mr Cook owns 847,969 shares directly and took home more than $ 125 million (96 96 million) last year as part of his payroll package.

Last week, Facebook founder Mark Zuckerberg saw his personal fortune reach $ 100bn (b 76bn).

Technology companies, including Apple, Facebook and Amazon, have seen their profits rise during the coronavirus pandemic as more people went online.

Silicon-Valley-based Apple is now closing in on the main point of being the first company valued at $ 2tn. Two years ago it became the first company to be valued at $ 1tn.

Mr. Cook took over from Apple founder Steve Jobs nine years ago. His billionaire status is based on the shares he owns and the compensation he paid to Apple, and calculated by the Bloomberg Billionaires Index.

In 2015, he said he had planned to donate most of his fortune and has already donated millions of dollars worth of Apple stock.

Facebook’s Zuckerberg has made a similar promise to remove most of his shares.

Mr. Zuckerberg, along with Amazon’s Jeff Bezos and Tesla’s Elon Musk, valued their wealth from large stakes in the companies they founded.

In comparison, Mr. Cook’s share of Apple is small at around 0.02%.

Based on U.S. federal and state taxes on California, Mr. Cook will face a tax rate of just over 50%, as a major bracket holder.

Hours and music

While Apple has not unveiled any new product as interesting as its iPhone, the company has still thrived since Mr. Cook took over the princes.

He has overseen the development of devices such as the iPhone X and Apple Watch, along with new services like Apple Music.


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