Tim Cook Net Worth
Tim Cook has an estimated net worth of $1.9 billion. American business executive and engineer Tim Cook has served as chief executive officer of Apple since August 2011. He earned the majority of his income from Apple.
Apple CEO Tim Cook received a bachelor’s degree in industrial engineering from Auburn University and an MBA from Duke University’s Fuqua School of Business. Cook spent 12 years at IBM before moving on to executive positions at Intelligent Electronics and Compaq before joining Apple in 1998. Following the death of predecessor Steve Jobs in August 2011, Cook was named Apple’s new CEO.
To calculate the net worth of Tim Cook, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$1.9 Billion|
|Monthly Salary:||$10 Million+|
|Annual Income:||$100 Million+|
|Source of Wealth:||Businessperson|
Early Life and Education
Tim Cook was born Timothy D. Cook on November 1, 1960, in the small town of Robertsdale, Alabama. Cook, the middle of three sons born to shipyard worker father Donald and homemaker mother Geraldine, attended Robertsdale High School and graduated second in his class in 1978.
He attended Auburn University in Alabama, where he earned a bachelor’s degree in industrial engineering in 1982, and then went on to earn a master’s degree in business administration from Duke University’s Fuqua School of Business in 1988. Cook was also named a Fuqua Scholar, an honor bestowed upon students at the business school who graduate in the top 10% of their class.
Cook began his career in computer technology after graduating from graduate school. He joined IBM and rose through the ranks to become the company’s North American fulfillment director, overseeing manufacturing and distribution functions for IBM’s Personal Computer Company in both North and Latin America.
Cook joined Intelligent Electronics in 1994 as the chief operating officer of the Reseller Division after a 12-year career at IBM. After three years, he joined Compaq Computer Corporation as vice president of corporate materials, where he was in charge of product procurement and management. Cook’s time at Compaq was brief: after a six-month stint, he left for a position at Apple.
Career at Apple
“My most significant discovery so far in my life was the result of one single decision: my decision to join Apple,” Cook said at Auburn University’s commencement ceremony in 2010, some 12 years after joining the corporation.
Cook began working for Apple in early 1998, before the company had developed the iMac, iPod, iPhone, or iPad, and when the company was experiencing declining profits rather than profit growth. Cook claims that prior to accepting his job at Apple, he was discouraged from doing so because the company’s future looked bleak.
“While Apple did manufacture Macs, the company had been losing sales for years and was widely regarded as being on the verge of extinction,” he told the Auburn graduates. “Only a few months before I accepted the job at Apple, Michael Dell, the founder and CEO of Dell Computer, was publicly asked what he would do to fix Apple, and he replied, ‘I’d shut it down and return the money to the shareholders.'”
However, things quickly changed after Cook was appointed vice president. Less than a year after his Apple debut, the company was reporting profits, a remarkable turnaround from the previous fiscal year’s net loss of $1 billion. Cook rose to executive vice president and then chief operating officer, where he was in charge of global sales and operations, as well as leading the Macintosh division and continuing to develop reseller/supplier relationships.
Cook was named Apple’s new CEO in August 2011, succeeding former CEO and Apple co-founder Steve Jobs, who died in October 2011 after a long battle with cancer. Cook also serves on the corporation’s board of directors in addition to his role as CEO.
Apple announced its largest acquisition to date in May 2014, when it paid $3 billion for Beats Music and Beats Electronics. Dr. Dre and Jimmy Iovine, co-founders of Beats, would join Apple as executives as part of the deal. “This afternoon we announced that Apple is acquiring Beats Music and Beats Electronics, two fast-growing businesses that complement our product line and will help extend the Apple ecosystem in the future,” Cook wrote in a letter to Apple employees. Bringing our companies together opens the door to incredible developments that our customers will adore.”
Following that, Cook announced the latest version of Apple’s desktop and mobile operating systems, OSX Yosemite, at the Worldwide Developers Conference in June 2014.
Cook unveiled the iPhone 6 and iPhone 6 Plus in September of the same year, both of which had larger screen sizes and new features like Apple Pay and “Burst Selfies.” He also announced the “Apple Watch,” a wearable device for tracking fitness and health that will be available for purchase in 2015.
Cook oversaw the creation of new products such as Clips, an app that allowed users to create short videos for social media. Apple unveiled the iPhone X a few months after its spring 2017 debut, generating buzz in the tech world for its facial recognition system.
Along the way, the company introduced the Apple News app, which allows users to access articles from a variety of sources. Apple announced a 2018 midterm elections section in June 2018, promising curated content from legitimate sites as well as exclusives like The Washington Post’s Election Now dashboard through November. In response to the question of why he felt the need to funnel news to users in this manner, Cook stated, “For Apple News, we felt top stories should be selected by humans, not to be political at all, but… to ensure you’re not picking content with the sole goal of enraging people.”
Tax Rates and Other Controversies
Cook faced mounting questions about the company’s strategy of storing income overseas during his tenure as CEO. Cook denied in a Senate hearing in 2013 that he was attempting to circumvent US tax laws, noting that Apple paid one of the highest effective tax rates of any major corporation.
The “Paradise Papers” leak in November 2017 revealed new details about Apple’s tax practices: After the European Union launched an investigation into Apple’s agreement with the Irish government, which allowed the company to pay a tax rate as low as 0.005% on its extensive holdings in the country, Apple relocated its assets to the Channel Islands off the coast of Normandy in 2014. Later, the EU ordered Apple to pay approximately $14.5 billion in back taxes.
Following the publication of the Paradise Papers, Apple issued the following statement: “Apple believes that every company has a responsibility to pay its taxes, and as the world’s largest taxpayer, Apple pays every dollar it owes in every country around the world.”
Apple was hit with multiple lawsuits in late December 2017 after admitting to intentionally slowing the performance of aging iPhones. The company was accused of deceiving customers into paying more for new models, ostensibly to adapt to diminishing batteries.
Around the same time, it was revealed that Cook had been told he could only use private jets for business and personal travel “in the interests of security and efficiency.” In 2017, the CEO’s personal travel expenses totaled $93,109, while his personal security expenses totaled $224,216.
World Impact and Salary
Cook was named one of Forbes magazine’s “World’s Most Powerful People” in November 2011. Cook was the highest-paid CEO among large publicly traded companies in 2012, according to an April 2012 article in The New York Times. While his salary was around $900,000 at the time, Cook reportedly made $378 million in total compensation from stock awards and bonuses in 2011. He announced in 2015 that after paying for his nephew’s college education, he would donate the remainder of his fortune to charitable causes.
Cook was set to receive approximately $120 million in stock in August 2018, shortly after Apple became the first American public company to reach a valuation of $1 trillion. He received a restricted stock award after becoming CEO in 2011, meeting the threshold that required the company’s stock to outperform that of two-thirds of S&P 500 companies over a three-year period.
Investing in the United States and Philanthropy
Apple announced in early 2018 that it would invest $350 billion in the US economy and create 20,000 new jobs over the next five years. As part of the plan, the company committed to investing $55 billion in 2018 alone and constructing a new renewable energy-powered facility in the United States. In addition, Apple announced that it would increase its advanced manufacturing fund and expand its coding initiatives, which are intended to help students and teachers learn valuable computing skills.
The Wall Street Journal reported in early February that Apple Music was increasing monthly subscriptions in the United States at a rate more than double that of Spotify, putting Apple on track to surpass its rival by summertime. However, as of January 2018, Spotify had 70 million paying subscribers compared to Apple’s 36 million.
Following the coronavirus outbreak in March 2020, Apple announced a $15 million donation to relief efforts around the world. A few weeks later, Cook revealed that Apple had begun manufacturing face shields and intended to ship millions of them to medical personnel in the coming weeks.
Cook revealed his sexual orientation in an opinion piece for Bloomberg Businessweek in October 2014. “While I have never denied my sexuality, I have never publicly acknowledged it,” he wrote. “Let me be clear: I’m proud to be gay, and I consider being gay to be one of God’s greatest gifts to me.”
Cook was also inspired by Dr. Martin Luther King Jr.’s words: “Life’s most persistent and urgent question is, ‘What are you doing for others?'” He explained that his decision to forego his personal privacy and make his sexual orientation public was a critical step toward advocating for human rights and equality for all.
“I don’t consider myself an activist, but I recognize how much I’ve benefited from others’ sacrifice,” he wrote in the op-ed piece. “So, if learning that Apple’s CEO is gay can help someone struggling to accept who he or she is, or bring comfort to anyone who feels alone, or inspire people to demand equality, then it’s worth the sacrifice of my privacy.”
Cook was named chairman of the advisory board for Tsinghua University’s economics school in Beijing, China, in October 2019.
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