Apple CEO Tim Cook has officially become a billionaire, according to a new report from Bloomberg today. The report cites an analysis of regulatory filings and acknowledges that Cook’s net worth “could be lower” if he’s made undisclosed charitable gifts.
According to data compiled by the Bloomberg Billionaires Index, Cook’s net worth has crossed $1 billion recently, something that is rare for a CEO “who didn’t actually found” the company he runs. The $1 billion net worth estimate was made based on regulatory filings and estimations based on market performance:
Cook’s net worth estimate is based on an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales. Cook, 59, said in 2015 that he plans to give most of his fortune away and has already gifted million of dollars worth of Apple shares. His wealth could be lower if he’s made other undisclosed charitable gifts.
The report explains that the vast majority of Cook’s wealth has come from “equity awards he’s received since joining Apple in 1998.” Cook was given an award of restricted shares on his first day as CEO, and he will likely receive his ninth payout from the award later this month.
As of right now, Cook owns 847,969 shares directly, or about 0.02% of Apple shares, worth around $375 million. Proceeds from previous share sales, dividends and other compensation add another $650 million to his net worth, taking the Apple CEO over the $1 billion net worth mark. The ninth payout later this month will add around another $100 million to Cook’s net worth, Bloomberg estimates.
Tim Cook’s new billionaire status comes as Apple stock has increased almost 5% in the past week, pushing it closer to a $2 trillion market valuation. Apple hit the $1 trillion market value milestone two years ago, but the number is already flirting with $2 trillion.
Bloomberg says that Apple declined to comment on the report of Tim Cook’s $1 billion net worth. In the past, Cook has said that he will be giving away the majority of his fortune through a systematic approach to philanthropy.
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