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Tim Cook started working for Apple in 1998 after working at Compaq for a brief period and 12 years at IBM. Under Steve Jobs, Cook was the Chief Operating Officer learning from the best on how to handle the giant organization. In 2011, Cook became the Chief Executive Officer and had been working at that position ever since. Under his leadership, Apple has had one of the biggest market capitalizations that have taken Apple to the top spot. Along with being the CEO of Apple, Cook has several other earning sources that have amassed him a $1.7 billion net worth.
A son of a shipyard worker and pharmacy employee, Cook, claimed that money was never a motivation for him. He likes to live his life privately and buy discounted clothes rather than splashing out millions. Cook has various income sources apart from Apple, and he spends his billion-dollar fortune by sometimes rewarding himself. Let’s take a look at how Tim Cook earns and spends his millions.
Earns: Apple Shares
During his first year as the CEO of Apple, Cook had an annual salary of $900,000, which was relatively low compared to how much the Executives at Amazon, Tesla, and Facebook earn. In 2017, his salary increased to $3 million per annum. Apart from his salary, the CEO also owns shares in the company. As reported by Forbes, he owns 3.3 million shares which is less than 1% of the stake. Cook had received 5 million shares, out of which he sold 1.7 million and earned himself a whopping $750 million, which was the eligible amount according to the 2011 Agreement made between him and Steve Jobs.
Spends: Real Estate
One of Tim Cook’s properties is a humble condo in Palo Alto, California. With a little over 2,000 sq. ft. of space, the house features four bedrooms, three bathrooms, and a small backyard. The home looks small but cozy, and Cook bought it for $1.9 million, but the house's value has risen to $3.3 million since then.
Long before COVID hit the world, Cook had made an anonymous purchase for a home in La Quinta in Madison Club, home to several celebrities. In September 2021, it was revealed that Tim Cook had purchased the property for $10.1 million. The house is a big upgrade from his Palo Alto home with a 10,000 sq. ft. of an area in shades of brown and beige, as stated by Dirt. The home has six bedrooms and five bathrooms and a pool, bar room, BBQ station, and a Butler’s kitchen. Some of his famous neighbors are Cindy Crawford, Kris Jenner, and Nike founder Phil Knight.
Earns: Board Member At Organizations
Tim Cook has always been more than the face of Apple. In 2005, the lead athletic gear brand Nike appointed him to its Board of Directors. In 2016, Nike expanded Cook’s role and made him the Lead Independent Director of Nike. He has annual earnings of $85,000 a year with $3.4 million in stock options.
Tim Cook is known for his love of fitness. He prefers hiking and cycling rather than sailing on a yacht. He combined his love for sports and fitness and became a member of the Board of Directors of the National Football Foundation in February 2010. He is an active supporter of the non-profit and shares their achievements on his social media accounts.
Spends: Travel Expenses
Tim Cook has to travel a lot for work. According to Drive Tribe, Apple spent over $400,000 on Cook’s private jet travel expenses in 2020. These expenses included landing and departure fees, hourly flight chargers, and fuel. For his non-work travel, Cook is privy about his personal life. His only known trip was to the New York Stock Exchange in 2016 with his nephew. Cook likes to go hiking at various spots, such as the Yosemite National Park.
Earns: University Trustee
After completing his Bachelors in Industrial Engineering at Auburn University, Cook completed his MBA in 1988 at Duke University as a Fuqua Scholar. Little did Cook know that he would be asked to become a Trustee Member for Duke University in 2015. Cook generously accepted the offer and was elected for a six-term agreement. Cook and the other 36 members are responsible for the fiscal policies and educational mission of the University.
Spends: Charity Foundations
Tim Cook is a known philanthropist. He has helped numerous charities and made donations to various funds over the years. In 2014, Cook came out as gay and had lived a solitary life ever since. As he has no children of his own, the CEO has plans to donate all of his net worth to charity except keep a small portion to pay his nephew’s education fees, as noted by The Guardian. During the pandemic, Cook made several donations to charities to help the people struggling to meet ends. He made two donations worth $5 million and $2 million, respectively, to unnamed charities.
Being the CEO of a company worth more than $1 trillion, Tim Cook has a relatively low-key life. He has an interest in the outdoors and likes to spend his money on helping charities. Over the years, he has become part of lucrative organizations to earn smart money. Cook is usually spotted at Apple Launch Events. He was recently a part of the Apple Launch Event on October 18, 2021, where he unveiled the newest renditions of the Macbook Pro.
Sources: Forbes, Dirt, Drive Tribe, The Guardian
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