Apple boss Tim Cook joins billionaire club

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Apple CEO Tim Cook has joined the billionaire club as the tech company’s share price continues to soar.

Apple’s market value increased on the back of good results and bullish prospects from tech giants.

Mr Cook directly owns 847,969 shares and earned more than $ 125 million (£ 96 million) last year under his compensation package.

Last week, Facebook founder Mark Zuckerberg saw his personal fortune reach $ 100 billion (£ 76 billion).

Tech companies such as Apple, Facebook and Amazon saw their profits rise during the coronavirus pandemic as more people went online.

Apple, based in Silicon Valley, is now approaching the first step to be valued at $ 2 billion. Two years ago, it became the first company to be valued at $ 1 billion.

Mr. Cook succeeded Apple founder Steve Jobs nine years ago. His billionaire status is based on the shares he owns and the compensation he received at Apple, and calculated by the Bloomberg Billionaires Index.

In 2015, he said he planned to donate most of his fortune and had already donated $ 1 million in Apple shares.

Facebook’s Zuckerberg made a similar pledge to divest the majority of its stock.

Mr. Zuckerberg, along with Amazon’s Jeff Bezos and Tesla’s Elon Musk, accumulated their wealth through the huge stakes of the companies they founded.

By comparison, Mr. Cook’s stake in Apple is tiny at around 0.02%.

Based on US federal and state taxes for California, Mr. Cook would face a tax rate of just over 50%, as top income.

Watches and Music

While Apple hasn’t revealed any new product as revolutionary as its iPhone, the company has always thrived since Mr. Cook took over.

He has overseen the development of devices like the iPhone X and Apple Watch, as well as new services like Apple Music.

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