Being an executive of the acclaimed Apple, considered the number one company in the world today in terms of market capitalization, would surely put you under the observant public eye. Tim Cook is not exempted. Many would surely want to know his net worth. After all, he is one of the billionaires in this world.
Net worth
According to Forbes, the real-time total net worth of the Apple executive is at $2 billion. A quick look at the life of Cook would show that he assumed the role of CEO at Apple in 2011, succeeding Steve Jobs. Prior to this, he served as Apple's chief operating officer. Cook's journey with Apple began in 1998, following stints at PC-maker Compaq and a 12-year tenure at IBM. He holds a substantial stake in Apple, with over 3 million shares, representing less than 1% ownership, and has sold significant amounts of shares over time. Additionally, Cook has been a member of Nike's board since 2005.
Where does Tim Cook's wealth come from?
According to Reuters, Cook's net worth comprises around 3.3 million shares of Apple stock, valued at approximately $651,783,000 based on the company's current valuation.
Cook requested a smaller paycheck for 2023 after his hefty pay packages caused controversy among Apple shareholders in previous years.
According to an SEC filing, Cook's target total compensation for 2023 was set at $49 million, or more than 40% below what he was paid in 2022. In another change, the filing revealed that more of his pay would be tied to Apple's stock performance than in the past.
The Apple factor
Cook joined Apple as a senior vice president of worldwide operations, where he made tough decisions to streamline operations, cut down on suppliers, and reduce inventory. His operational expertise helped reduce unsold product stock from $400 million to $78 million in just over half a year. Cook also made strategic investments in technologies like flash storage for Apple's iPods.
In 2007, he was promoted to oversee operations for the entire company, and in 2009, he served as interim CEO during Steve Jobs's leave of absence, which prepared him for his eventual promotion to CEO in 2011.
Revisiting 2011
In November 2011, Cook was recognized as one of Forbes magazine's "World's Most Powerful People." According to an April 2012 article in The New York Times, Cook was the highest-paid CEO among large publicly traded companies in 2012. Despite having a salary of approximately $900,000 at the time, Cook reportedly earned $378 million in total compensation from stock awards and bonuses in 2011. In a philanthropic move, Cook announced in 2015 that he would donate the remainder of his fortune to charitable causes after covering his nephew's college education.
Following Apple's achievement as the first American public company to attain a $1 trillion valuation in August 2018, reports indicated that Cook was poised to receive around $120 million in stock. This substantial payout was a result of a restricted stock award granted to him upon assuming the CEO role in 2011, which was contingent on Apple's stock outperforming two-thirds of S&P 500 companies over a three-year period.
Real estate investments
Cook has spent some of his fortune on real estate, including a primary residence in a 2,400-square-foot house in Palo Alto, California. Additionally, he owns a sprawling mansion in La Quinta, California, which he purchased for around $10 million in 2021. The mansion boasts two kitchens, five bedrooms, six bathrooms, and an infinity pool.
The younger Tim
Timothy D. Cook, born in Robertsdale, Alabama, on Nov. 1, 1960, is the middle of three sons born to Donald, a shipyard worker, and Geraldine, a homemaker. He attended Robertsdale High School, graduating second in his class in 1978. Cook earned a bachelor's degree in industrial engineering from Auburn University in Alabama in 1982 and later obtained a Master of Business Administration degree from Duke University's Fuqua School of Business in 1988, where he was recognized as a Fuqua Scholar for graduating in the top 10 percent of his class.
