How Tim Cook Makes And Spends His Millions

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Apple CEO Tim Cook's estimated net worth is $625 million, lower than most of his tech CEO peers, and he spends his wealth much more frugally than many others. His leadership at Apple has led to a shift in philanthropic giving.

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#Apple #TimCook #BusinessInsider

Following is a transcript of the video:

Tim Cook is worth an estimated $625 million. As the CEO of Apple, he's the first openly gay CEO in the Fortune 500. And in 2018, Apple became the first US company ever to be worth $1 trillion. But compared to his counterparts in the tech world, his net worth is pretty modest. Google founder and Alphabet CEO, Larry Page, is worth $53 billion. Facebook CEO, Mark Zuckerberg, is worth just under $70 billion. And Amazon CEO, Jeff Bezos is the first person in modern history to accumulate a fortune north of $100 billion

Cook doesn't lead a lavish lifestyle and has said, "I like to be reminded of where I came from, and putting myself in modest surroundings helps me do that." The Alabama native had a humble start in life as the son of a shipyard worker and pharmacy employee.

When he was promoted as Apple's CEO in 2011, his base salary was $900,000, and has risen to $3 million in 2017. He also receives a cash incentive based on the company's performance, which pushed his total pay for 2017 to over $12 million. But his net worth consists mainly of $622 million worth of Apple's stock and options he has collected since becoming CEO. And $3.4 million of Nike stock options he gets as a member of Nike's board of directors.

So, how does Apple's leader spend his fortune? Quite differently than other CEOs of tech giants. In 2012, he bought a 2,400 square foot home in Palo Alto, for $1.9 million, the median cost of a home in Palo Alto in 2018 is $3.3 million. And his frugality doesn't stop at the housing market. He reportedly buys his underwear at Nordstrom's semi-annual sale.

But Cook does splurge when it comes to donating to good causes, a philosophy that differs from that of his predecessor, who lacked a record of public giving. He encourages his employees to give and has led Apple into many philanthropic endeavors. In 2011, he instated a company-wide, nonprofit donation matching program. Over the past 10 years, Apple has contributed $130 million to help RED fight AIDS, $100 million to advance diversity in tech, through President Barack Obama's Connected initiative, $50 million to hospitals, and more.

Cook practices what he preaches, too. He's donated to civil rights efforts and in 2018, he donated more than 23,000 shares of his Apple stock, valued at just under $5 million to an undisclosed charity. He also regularly makes campaign donations. He's hosted fundraisers for Barack Obama and Hillary Clinton and in 2016, he donated $236,000 to the Hillary Victory Fund.

Cook's altruism even applies to his future financial plans. He intends to use his wealth to put his nephew through college. And upon his death, he plans to give away all his money to good causes. He told Fortune magazine, "You want to be the pebble in the pond that creates the ripple for change." 

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How Tim Cook Makes And Spends His Millions
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he.can buy earth and human....!!😂😂😂😂😂✌✌✌✌

ellisellis
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From the root word cook. He is cooking

greatslair
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The Windows joke at the end reminds us he is from 🍎🐼

randomlife
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If I have this much money I'd automate my home. Gotta represent tech age . ey

nikyabodigital
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1:24 I didn't know Tim has nike stock and options, as well as apple stock and options.

thinkingai
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He is worth 600M Ima sell all of these billionaire

washedemma
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So amazon ceo makes more than every apple product sold

cirkelkk
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He wasn't the founder of apple tho

tawongamunyanduri
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I like Tim Cook character better than Steve

final_counter
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Oh man the comment section will be insane.

clickmaster
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Why would you compare him with founders. Its more relatable to Compare him with Sundar Pichai, Satya Nadella. Not the Founders.

dankmemer
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Tim Cook uses his millions to buy & Cook Apples.

Nikopeekos
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Guilty people always donate more to clear their conscience

hsvr
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He just sell overpriced tech and call it revolutionary

Hostefar
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He takes the company to trash. RIP steve Jobs. sadly Tim doesnt follow his strategy.

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