Apple CEO Now a Billionaire, Report Says


Manage episode 273028458 series 2530089
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Apple CEO Tim Cook has now reached billionaire status, according to an analysis by financial company Bloomberg. Cook’s fortune comes from his salary, his shares in Apple, and the proceeds from the sales of his shares. In 2019, his annual base salary amounted to $3 million, and he received an incentive pay of around $7.6 million. Currently, Cook holds around 0.2% of Apple’s shares, which is equivalent to almost $375 million. Although Cook's properties, investments, and cash on hand are not disclosed to the public, his net worth is reportedly more than $1.02 billion. Since Cook is not the founder of Apple, his billionaire status is considered rare. Most of the world’s billionaires are founders of their own companies, like Bill Gates and Mark Zuckerberg, who founded Microsoft and Facebook, respectively. Although Cook's net worth has reportedly hit the $1-billion mark, it is still much lower than that of Gates, Zuckerberg, and other tech CEOs, whose wealth has reached hundreds of billions. Cook joined Apple in 1998 and rose through the ranks, serving as chief operating officer and executive vice president. In 2011, he succeeded Steve Jobs as CEO after the Apple founder resigned. Apple prospered under Cook’s leadership, which led to the development of new products like the iPhone X and the Apple Watch as well as a market value of almost $2 trillion. Cook is known as a workaholic who is extremely dedicated to growing the company. Compared to his predecessor, though, he has adopted a more measured and careful business approach when developing products.

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