Tim Cook Net Worth: Tim Cook is the CEO of Apple Inc. and an American business executive. He began working for the company in 1998 and was promoted to CEO in 2011. Tim Cook's net worth is $1.5 billion as of this writing.
Under former CEO and creator Steve Jobs, Apple's market valuation peaked at $350 billion.
Many people doubted Tim's ability to outperform his brilliant predecessor when he was named CEO in 2011.
In the present day, Apple's market capitalization exceeds $2.4 trillion.
Apple Benefits and Perks to Tim Cook
Tim was paid $500,000 per year as Apple‘s Senior Vice President of Worldwide Operations before being named CEO.
Cook's pay was increased to $900,000 per year when he first became CEO of Apple in 2011.
He now receives $3.4 million in base salary plus an annual bonus of $8–12 million.
Tim is given big chunks of Apple options that vest over time in addition to his salary and bonus.
In a given year, his vested shares are included as income.
Tim, for example, earned $113.5 million invested shares in 2019, on top of his salary and bonuses, bringing his total compensation for the year to about $125 million.
He received $963.5 million in total remuneration from Apple between 2011 and 2020, when he was designated CEO.
Tim receives around $500,000 in personal security expenses paid for by Apple each year, in addition to his regular income.
Tim Cook Net Worth: Does Tim Have Shares of Apple?
Tim was given a huge grant of options on the day he became CEO, which vested in 10-year increments (he received the first chunk upfront, so technically only 9 tranches vested over time).
His grant had a performance component. Only if Apple outperformed 2/3 of the S& P 500 would those shares be issued.
He has achieved every single performance goal. In August 2020, he received his ninth grant, totaling around 560,000 shares. At their August 2020 price per share, over half of those shares are placed aside to settle a projected tax burden.
Tim received 280,000 shares for $126 million at $450 per share (before the Apple stock split).
Is Tim a Billionaire?
Tim already holds 847,969 fully vested Apple shares, in addition to the 560,000 shares given in August 2020.
This piece was worth roughly $280 million in February 2020, when Apple shares were trading at $320.
When Apple achieved $450 per share in August 2020, that investment was worth $380 million.
Tim is the second-largest individual shareholder in the company. He owns about 0.02 percent of the business.
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 as of this writing.
Time received his tenth and final installment of the original remuneration plan in August 2021. At that moment.
Tim Cook Net Worth: Billionaire Status
After receiving the ninth (and highest) performance stock 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 at 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 earned an Industrial Engineering degree from Auburn University in 1982.
Cook received his Master of Business Administration from Duke University's Fuqua School of Business in 1988.
He was named a Fuqua scholar after graduating in the top ten percent of his class.
Tim Cook joined IBM right out of college and rose through the ranks to become the company's North American Fulfillment Director, overseeing manufacturing and delivery for IBM's Personal Computer Company in both North America and Latin America.
Cook joined Intelligent Electronics as a chief operating officer (Reseller Division) after a 12-year career at IBM.
He then worked for Compaq for six months as Vice President of Corporate Materials, where he was in charge of purchasing and inventory management.
Apple’s Tim Cook Makes $100 Million in Year Now
According to filings filed with the Securities and Exchange Commission, Apple CEO Tim Cook AAPL –1.07% received about $100 million in salary for 2021.
The salary package was nearly seven times more than the previous year's $14.8 million.
The rise was mostly due to the issuance of $82.3 million in restricted stock.
Apple (ticker: AAPL) has achieved record earnings under the leadership of the tech tycoon.
The stock gained 35.9% in the last year, outpacing Meta (FB), the owner of Facebook FB +0.71 percent, but trailing Microsoft MSFT +0.15 percent (MSFT) 47.9% gain.
Cook, on the other hand, rarely achieves the same financial success as rivals at other tech corporations who have started their enterprises.
Tim Cook Net Worth: 2,083rd richest man on earth!
Cook has a net worth of $1.5 billion, although he is only the 2,083rd richest person on the planet.
In comparison, Mark Zuckerberg, co-founder of Facebook and CEO of Meta, is the world's sixth-richest person, worth an estimated $118 billion.
According to Forbes, Amazon.com founder Jeff Bezos is the third richest person in the world, with a fortune worth $188.7 billion.
Because they have a larger chunk of the pie when they start their company, founders tend to have greater stock in the companies they establish.
Elon Musk, the founder of Tesla (TSLA), is the wealthiest of all CEOs, according to Forbes, with a net worth of $264 billion.
Apple recently became the world's first $3 trillion corporations. Locked-down consumers bought more of the tech giant's gadgets for their homes, making it a pandemic winner.
Apple reached the $2 trillion mark for the first time on August 20, 2020, or 505 days ago. If you include weekends, Apple's market worth has increased by $2 billion every day on average since then, according to Barron's earlier this month.
It's been 1,254 days since Apple first reached $1 trillion in August 2018.
“Our CEO's 2021 annual total remuneration was $98,734,394, while our median compensated employee's 2021 annual total compensation was $68,254, with a ratio of 1,447 to 1,” according to the Apple proxy statement.
Cook has a reputation for being a solitary and quiet individual.
In an essay for Bloomberg Business in 2014, he became the first CEO of a Fortune 500 business to publicly identify as gay.
“Where I valued my privacy substantially, I felt that I was valuing it too high above what I could accomplish 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 that he believed that by being transparent, he could influence the young LGBTQ community to not live in fear.
Cook has no children and is not married.
Cook contributed to Barack Obama's and Hillary Clinton's presidential campaigns.
Clinton considered Tim as a running mate in her 2016 campaign at one point.
Tim has stated that after he dies, he intends to donate the vast majority of his wealth to charity.