Tim Cook joins billionaires’ club as Apple inches towards $2 trillion company
Tech giant Apple witnessed a jump in its fortunes last week as its share price rose by about 5 per cent. The company is now more valuable than ever and can soon reach $2 trillion valuation. It was valued at about $350 billion when founder Steve Jobs died.
Tech giant Apple witnessed a jump in its fortunes last week as its share price rose by about 5 per cent. The company is now more valuable than ever and can soon reach $2 trillion valuation. It was valued at about $350 billion when founder Steve Jobs died. The man who replaced him – Tim Cook – has also joined one of the most elite clubs for CEOs who didn’t actually found the companies they run: his net worth has eclipsed $1 billion, according to calculations by the Bloomberg Billionaires Index.
Cook’s net worth estimate is based on an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales. The 59-year-old Apple chief had said in 2015 that he plans to give most of his fortune away and has already gifted millions of dollars worth of Apple shares.
Cook’s journey has been different than that of other CEOs like Jeff Bezos and Mark Zuckerberg. The other two founded their own companies and have huge stakes in them.
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However, Cook’s path to the 10-figure-club was more incremental. The vast majority of his estimated wealth comes from equity awards he’s received since joining Apple in 1998, where he has drawn plaudits for mastering the company’s complex supply chain.
Meanwhile, Zuckerberg has also seen a phenomenal rise in his wealth post the roll of out of a new feature, making him the youngest Centibillionaire in the world. Zuckerberg’s net worth now stands above $100 billion after Facebook introduced Instagram reels to take on TikTok.
Zuckerberg has now joined Amazon founder Jeff Bezos and Microsoft’s Bill Gates in the 'Centibillionaire Club'. Instagram Reels was introduced at a time when TikTok is going through tough times. Owned by Chinese tech company ByteDance, the platform has already been banned in India and has lately, been target of US President Donald Trump. On July 31, Trump said that he would ban the app, citing it a threat to national security.
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