Tim Cook Officially Joins The Billionaire Club, But He’s Still Way Behind Other Tech Bros
A Bloomberg research says that Apple CEO Tim Cook is now officially a billionaire. The figures estimate that the CEO is now worth just over $1 billion, but he still has a long way to go compared to other tech billionaires.
According to the Bloomberg Billionaires’ list, Amazon’s CEO, Jeff Bezos, ranks top at $187 billion, followed by former Microsoft CEO Bill Gates at $121 billion, with Mark Zuckerberg of Facebook in third place at $102 billion. Even Elon Musk, Tesla’s CEO at number 10 is still way ahead of Cook at $68.7 billion.
However, one rarity in Tim Cook becoming a billionaire is that he’s not the founder of his company. A billionaire non-founder is rare. Bloomberg estimates Cook’s net worth based on an analysis of regulatory filings and the market performance of his proceeds from share sales.
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Apple has experienced an extreme increase in its valuation since Cook became CEO, the company was worth just about $350 billion at the death of Co-founder and former CEO Steve Jobs.
Under Cook, Apple became the most valuable publicly traded company in the world. The company displaced Saudi Arabia’s state-owned oil company in July 2020.
Cook has steered Apple in the direction of record profits despite the coronavirus pandemic and its destabilising economic effects. In its third-quarter report, the company made $89.7 billion in revenue, representing an 11 per cent increase from the previous year. Also, Apple is approaching a milestone market capitalization of $2 trillion.
Tim Cook had previously said that he plans to give most of his fortune to charity. Already, he has gifted millions of dollars in Apple shares. If he continues on this trajectory, he’ll have much more to give away.
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