Tim Cook gains billionaire status as Apple nears $2 trillion market value
Apple CEO Tim Cook has become a billionaire, according to a new report from Bloomberg today which claims Cook’s net worth has crossed $1 billion as Apple’s market value nears $2 trillion.
The data from Bloomberg Billionaires Index suggests the majority of Cook’s wealth has come from “equity awards he’s received since joining Apple in 1998.” As of right now, Cook owns 847,969 APPL shares directly, worth around $375 million. Proceeds from previous share sales, dividends, and other compensation add another $650 million to his net worth, according to calculations by Bloomberg.
Apple announced its financial earnings results for the third quarter of 2020 last month, reporting quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter amid the global COVID-19 pandemic, as well as for the first time since 2014, approving a four-for-one stock split to make the stock more accessible to a broader base of investors.
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.
Cook has previously said that he plans to use his wealth to provide a college education for his nephew, with plans to continue to donate money to charities close to his heart.