Apple boss Tim Cook has entered the billionaire’s club as the iPhone-maker’s surging value puts it a step closer to becoming the first company valued at $2trillion (£1.5trillion).
The 59-year-old Alabaman earned $125million (£95million) in 2019 and owns 847,969 shares in Apple – the world’s most valuable firm directly.
Tech giants like Facebook and Amazon have seen their valuations skyrocket during the coronavirus pandemic as more people spend time online.
Cook’s wealth soared in recent months in tandem with Apple’s value, which has risen thanks to boosted sales of iPhones, iPads and apps.
Apple’s share price is up nearly five per cent since the beginning of August. As a result, Cook, who took over from Steve Jobs in 2011, saw his net worth recently rise to above $1billion, according to calculations by Bloomberg.
The tech boss in on a reported salary of $3million (£2.3million) a year. His net worth is closely tied to the value of Apple shares.
Cook was awarded a fortune in shares after replacing Jobs, who founded Apple in his parents’ basement but tragically died of cancer aged 56. Cook has previously promised to donate most of his vast wealth to charity.
Apple’s recent performance means it’s edging ever closer to a landmark $2trillion valuation.
The firm’s market value currently sits at $1.93trillion (£1.47trillion). The company could hit the $2trillion mark in 2021 provided current economic projections hold true.
Apple became the first company valued at $1trillion back in 2018. Cook is an unusual member of the billionaire’s club as he is not a founder of the company responsible for his wealth.
Facebook founder Mars Zuckerberg, for instance, was valued at $100billion (£76billion) last week in no small part because he owns nearly 30 per cent of the company’s shares.
Jeff Bezos the world’s richest man founded Amazon in 1994 and is worth $188billion (£143billion) due largely to his 11 per cent stake in the company.
Cook’s stake in Apple, by comparison, is tiny at about 0.02 per cent. He’s overseen the launch of several major Apple products since 2011, including the Apple Watch and Apple TV+.
In other news, Facebook boss Mark Zuckerberg saw his personal wealth soar to $100billion last week. Microsoft could strike a $30billion deal to buy TikTok in a matter of days, insiders claim. Billionaire Sir Richard Branson will rocket into space aboard a Virgin Galactic spaceship next year, the company has announced.
The Sun
