How Tim Cook Makes And Spends His Millions

Apple CEO Tim Cook’s estimated net worth is $625 million, lower than most of his tech CEO peers, and he spends his wealth much more frugally than many others. His leadership at Apple has led to a shift in philanthropic giving.

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Following is a transcript of the video:

Tim Cook is worth an estimated $625 million. As the CEO of Apple, he’s the first openly gay CEO in the Fortune 500. And in 2018, Apple became the first US company ever to be worth $1 trillion. But compared to his counterparts in the tech world, his net worth is pretty modest. Google founder and Alphabet CEO, Larry Page, is worth $53 billion. Facebook CEO, Mark Zuckerberg, is worth just under $70 billion. And Amazon CEO, Jeff Bezos is the first person in modern history to accumulate a fortune north of $100 billion

Cook doesn’t lead a lavish lifestyle and has said, “I like to be reminded of where I came from, and putting myself in modest surroundings helps me do that.” The Alabama native had a humble start in life as the son of a shipyard worker and pharmacy employee.

When he was promoted as Apple’s CEO in 2011, his base salary was $900,000, and has risen to $3 million in 2017. He also receives a cash incentive based on the company’s performance, which pushed his total pay for 2017 to over $12 million. But his net worth consists mainly of $622 million worth of Apple’s stock and options he has collected since becoming CEO. And $3.4 million of Nike stock options he gets as a member of Nike’s board of directors.

So, how does Apple’s leader spend his fortune? Quite differently than other CEOs of tech giants. In 2012, he bought a 2,400 square foot home in Palo Alto, for $1.9 million, the median cost of a home in Palo Alto in 2018 is $3.3 million. And his frugality doesn’t stop at the housing market. He reportedly buys his underwear at Nordstrom’s semi-annual sale.

But Cook does splurge when it comes to donating to good causes, a philosophy that differs from that of his predecessor, who lacked a record of public giving. He encourages his employees to give and has led Apple into many philanthropic endeavors. In 2011, he instated a company-wide, nonprofit donation matching program. Over the past 10 years, Apple has contributed $130 million to help RED fight AIDS, $100 million to advance diversity in tech, through President Barack Obama’s Connected initiative, $50 million to hospitals, and more.

Cook practices what he preaches, too. He’s donated to civil rights efforts and in 2018, he donated more than 23,000 shares of his Apple stock, valued at just under $5 million to an undisclosed charity. He also regularly makes campaign donations. He’s hosted fundraisers for Barack Obama and Hillary Clinton and in 2016, he donated $236,000 to the Hillary Victory Fund.

Cook’s altruism even applies to his future financial plans. He intends to use his wealth to put his nephew through college. And upon his death, he plans to give away all his money to good causes. He told Fortune magazine, “You want to be the pebble in the pond that creates the ripple for change.” 

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How Tim Cook Makes And Spends His Millions

Apple CEO Tim Cook: VICE News Tonight Interview (HBO)

Seven years into his tenure as Apple CEO, Tim Cook remains a popular guy, especially in an Apple store in New York, where he recently waded through a sea of adoring Apple fans pleading for selfies before he sat down with VICE News Tonight for an interview.

This is partly because Cook’s competitors in Silicon Valley have set a low bar. Already under fire for being a tool for voter suppression and misinformation during the 2016 election, Facebook announced Friday that it had discovered the largest security breach in the company’s history, affecting 50 million users.

Cook said that kind of data breach won’t happen at Apple, because the personal data Apple collects stays locked on iPhones, and even Apple can’t access it. “We’re not in the business of building the detailed profile of you,” Cook said. “The way we go into product design, we challenge ourselves to collect as little as possible. And when we have it, we challenge ourselves to encrypt it in the end.”

That has come at a cost to Apple’s business. Apple Music, for example, could build detailed profiles of users and sell that to advertisers, as competitors Spotify, Pandora, and Google Music do. But Cook considers that an affront to the basic promise of the Apple brand. “We don’t read your messages,” he said. “These things, even in our heads, are offensive, right? To think about, these are private communications and intimate conversations that you are having. And so we wouldn’t even think about that.”

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Trumps Welcome Macrons For First State Dinner

President Donald Trump has welcomed French President Emmanuel Macron to the administration’s first state dinner. Dinner guests included Vice President Mike Pence, Apple CEO Tim Cook, and White House Press Secretary Sarah Huckabee Sanders. (April 24)

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Find the 45th President of the United States Donald Trump’s latest press conferences, announcements, speeches and highlights here: https://www.youtube.com/playlist?list=PLnwt1fUa-EVgihKJ_26XtMdmGDOmABAAa

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Microsoft CEO Satya Nadella on his meetings with President Trump

We sat down with Microsoft CEO Satya Nadella to talk about his meeting with President Trump along with other tech CEOs like Apple’s Tim Cook and Amazon’s Jeff Bezos. Nadella is the author “Hit Refresh: The Quest to Rediscover Microsoft’s Soul and Imagine a Better Future for Everyone.”

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VICE News Daily: Beyond The Headlines – November 4, 2014

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The VICE News Capsule is a news roundup that looks beyond the headlines. Today: French interior minister visits Calais to tackle illegal migrant issue, thousands flee northeast Nigerian town seized by Boko Haram, Russian company removes Steve Jobs memorial because Apple CEO Tim Cook is gay, and first female candidate will run in Tunisia’s presidential election later this month.

FRANCE
Government to Open Shelter for Migrants in Calais
Interior minister Bernard Cazeneuve confirmed plans to convert a former children’s center into a shelter for hundreds of migrants hoping to reach Britain.

NIGERIA
Thousands Flee as Boko Haram Seizes Northeastern Town
Five soldiers have reportedly been arrested for abandoning Mubi to militants last week.

RUSSIA
Steve Jobs Memorial Torn Down After Apple CEO’s Announcement
Russian company ZEFS says it had to abide by federal law and remove the ‘gay propaganda’ because Tim Cook ‘supports sodomy’.

TUNISIA
First Female Presidential Candidate to Stand in November 23 Poll
Judge Kalthoum Kennau will run as an independent candidate without the backing of any political party.

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