Tim Cook net worth: Tim Cook is the CEO of Apple Inc. and an American businessman. He started working for the company in 1998 and was promoted to CEO in 2011. Tim Cook’s net worth is currently $1.5 billion.
Under former CEO and creator Steve Jobs, Apple’s market value peaked at $350 billion.
Many people questioned Tim’s ability to outperform his brilliant predecessor when he was named CEO in 2011.
Today, Apple’s market cap is over $2.4 trillion.
Apple Benefits and Benefits for Tim Cook
Tim got $500,000 a year as… Apple‘s Senior Vice President of Worldwide Operations before being named CEO.
Cook’s salary was increased to $900,000 a year when he first became Apple’s CEO in 2011.
He now receives $3.4 million in base salary plus an annual bonus of $8-12 million.
In addition to his salary and bonus, Tim gets large amounts of Apple options that vest over time.
In a given year, his acquired shares are recognized as income.
For example, Tim made $113.5 million in invested stock in 2019, on top of his salary and bonuses, bringing his total compensation for the year to about $125 million.
He received a total compensation of $963.5 million from Apple between 2011 and 2020 when he was named CEO.
Tim receives approximately $500,000 in personal security fees paid by Apple each year, in addition to his regular income.
Tim was given a huge grant of options the day he became CEO, which vested in 10-year increments (he received the first installment up front, so technically only 9 tranches were acquired over time).
His scholarship had a performance component. Only if Apple outperformed 2/3 of the S&P 500 would those shares be issued.
He has achieved every performance goal. In August 2020, he received his ninth grant, totaling some 560,000 shares. At the August 2020 per share price, more than half of those shares are being set aside to settle an anticipated tax burden.
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Tim received 280,000 shares for $126 million at $450 a share (before Apple’s stock split).
Is Tim a Billionaire?
Tim already has 847,969 fully acquired Apple shares, in addition to the 560,000 shares given in August 2020.
This piece was worth about $280 million in February 2020, when Apple shares traded for $320.
When Apple hit $450 a share in August 2020, that investment was worth $380 million.
Tim is the company’s second largest individual shareholder. He owns about 0.02 percent of the company.
Board chairman Arthur Levinson, who owns 1.1 million shares, is the largest individual shareholder.
Levinson has been a member of the Board of Directors since 2000. Craig Federighi, Senior VP of Software Engineering, is the third largest individual shareholder, with 412,000 shares currently.
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Time received its tenth and final installment of the original rewards plan in August 2021. At that moment.
Tim Cook Net Worth: Billionaire Status
After receiving the ninth (and highest) performance grant of 560,000 shares, Tim Cook became a billionaire in August 2020.
Timothy Donald Cook was born in Mobile, Alabama on November 1, 1960. His father, Donald, worked in a shipyard, while his mother, Geraldine, worked in a drugstore.
He grew up in the nearby town of Robertsdale. Cook graduated from Robertsdale High School and received a degree in industrial engineering from Auburn University in 1982.
Cook received his Masters of Business Administration from Duke University’s Fuqua School of Business in 1988.
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He was named a Fuqua scholar after graduating in the top ten percent of his class.
Tim Cook joined IBM right after college and climbed through the ranks to become the company’s North American Fulfillment Director, overseeing production and supply for IBM’s Personal Computer Company in both North America and Latin America.
Cook joined Intelligent Electronics as Chief Operating Officer (Reseller Division) after a 12-year career with IBM.
He then spent six months with Compaq as Vice President of Corporate Materials, where he was responsible for procurement and inventory management.
Apple’s Tim Cook Now Makes $100 Million in a Year
According to the filings filed with the Securities and Exchange Commission, Apple CEO Tim Cook AAPL -1.07% received approximately $100 million in salary for 2021.
The salary package was nearly seven times more than the previous year’s $14.8 million.
The increase was primarily due to the issuance of $82.3 million in restricted stock.
Apple (ticker: AAPL) has made record profits under the leadership of the tech tycoon.
The stock gained 35.9% last year, surpassing Meta (FB), the owner of Facebook FB +0.71 percent, but followed Microsoft MSFT +0.15 percent (MSFT) 47.9% gain.
Cook, on the other hand, rarely achieves the same financial success as rivals at other technology companies that have started their ventures.
Tim Cook Net Worth: 2,083rd Richest Man on Earth!
Cook has a net worth of $1.5 billionalthough he is only the 2083rd richest person in the world.
By comparison, Mark Zuckerberg, co-founder of Facebook and CEO of Meta, is the world’s sixth richest person, with an estimated worth of $118 billion.
According to Forbes, Amazon.com founder Jeff Bezos is the third richest person in the world with a net worth of $188.7 billion.
Because they have a bigger slice of the pie when they start their business, founders usually own more stock in the companies they create.
Elon Musk, the founder of Tesla (TSLA), is the richest of all CEOs, according to Forbes, with a net worth of $264 billion.
Apple recently became the world’s first $ 3 trillion companies. Locked up consumers bought more gadgets from the tech giant for the home, making it a pandemic winner.
Apple first hit the $2 trillion mark on August 20, 2020, or 505 days ago. If you include the weekends, Apple’s market value has increased by an average of $2 billion a day since then, according to Barron’s earlier this month.
It’s been 1,254 days since Apple first hit $1 trillion in August 2018.
“Our CEO’s total annual compensation for 2021 was $98,734,394, while our employee’s average annual compensation for 2021 was $68,254, with a ratio of 1,447 to 1,” the Apple proxy statement said.
Cook has a reputation for being a lonely and quiet person.
In an essay for Bloomberg Business in 2014, he became the first CEO of a Fortune 500 company to publicly identify as gay.
“Where I valued my privacy, I felt like I valued it too much over what I could achieve for other people, so I wanted to give everyone my truth,” he said on The Late Show with Stephen Colbert in September 2015 .
He claimed he believed that by being transparent he could influence the young LGBTQ community not to live in fear.
Cook has no children and is not married.
Cook contributed to the presidential campaigns of Barack Obama and Hillary Clinton.
Clinton at one point considered Tim a running mate in her 2016 campaign.
Tim has stated that after his death he plans to donate the majority of his assets to charity.
- 1 Apple Benefits and Benefits for Tim Cook
- 2 Tim Cook Net Worth: Does Tim Have Shares in Apple?
- 3 Is Tim a Billionaire?
- 4 early life
- 5 Early career
- 6 Apple’s Tim Cook Now Makes $100 Million in a Year
- 7 Private life