Apple CEO Tim Cook became a billionaire this month, after nine years at the helm of the world’s most valuable company.
The 59-year-old executive’s net worth surpassed the $ 1 billion mark thanks to a nearly 5 percent jump in Apple’s share price last week that raised its market value to $ 2 trillion, according to an analysis by Bloomberg’s Billionaires Index.
That puts Cook among an ‘elite’ group of billionaire CEOs who did not start the companies they lead, Bloomberg reported. The club also includes former Microsoft CEO Steve Ballmer, who was from the company from 1980 to 2014 and is the seventh richest person in the world with a net worth of $ 75 billion.
Cook has quietly built up his fortune on stock prices he received in his 22 years at Apple, according to Monday’s Bloomberg analysis. Its 847,969 Apple shares – representing a small 0.02 percent stake in the company – are worth about $ 375 million, while “proceeds from previous stock sales, dividends and other compensation” are worth $ 650 million, the news service reported.
Cook has promised to donate his Apple fortune to charity, and Bloomberg notes that his wealth could be smaller if he made donations that are not public. But its value could grow if Apple hits the $ 2 trillion mark amid heightened reliance on technology during the coronavirus pandemic.
Apple’s share price rose another 1.4 percent to $ 450.91 on Monday, and Cook will receive a 560,000 share price pick this month, unless the price drops, Bloomberg reported. However, the iPhone maker announced last month a 4-for-1 action split allowing investors to buy shares at a 75 percent discount at the end of August.
Cook – who took over for Apple co-founder Steve Jobs before his death in 2011 – still has a long way to go to catch up with the plight of other tech tycoons. Amazon CEO Jeff Bezos on Monday remained the richest person in the world with a fortune of $ 186 billion, followed by Microsoft co-founder Bill Gates and Facebook boss Mark Zuckerberg, according to Bloomberg.
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