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11 Aug 2020

Apple CEO, Tim Cook Has Officially Been Declared A Billionaire

Apple CEO,Tim cook, is now officially a billionaire.


Apple's market value has been on the rise following strong results and
the upbeat outlook for tech giants.

Mr Cook owns 847,969 shares directly and took home more than $125m
(£96m) last year as part of his pay package.
Last week, Facebook founder Mark Zuckerberg saw his personal wealth
hit $100bn (£76bn).

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

Silicon-Valley based Apple is now closing in on the milestone of being
the first company to be valued at $2tn. Two years ago it become 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 has been paid at Apple, and calculated by the Bloomberg
Billionaires Index.
In 2015, he said he planned to give most of his fortune away and has
already donated million of dollars worth of Apple shares.
Facebook's Zuckerberg has made a similar pledge to give away the
majority of his shares.
Mr Zuckerberg, along with Amazon's Jeff Bezos and Tesla's Elon Musk,
accrued their wealth from the huge stakes in the companies they
founded.


In comparison, Mr Cook's stake in Apple is minuscule at about 0.02%.
Based on US federal and state taxes for California, Mr Cook would face
a tax rate of just over 50%, as a top-bracket earner.
Watches and music
While Apple has not revealed any new products as groundbreaking as its
iPhone, the company has still thrived since Mr Cook took over the
reins.


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


Source – BBC

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