The rich continue to get richer even in these uncertain times. This is again proven true as tech giant Apple’s CEO Tim Cook now has officially joined the billionaire club as the tech firm reaches a market value of nearly $2 trillion.
According to the latest Bloomberg Billionaires list, Tim’s net worth has roses $1 billion as Apple’s share price eclipsed almost 5 percent last week.
Interestingly, Tim Cook’s billionaire status is based on the shares he owns and the compensation he has been paid at Apple. Tim already owns 847,969 shares directly, or about 0.02% of Apple shares, worth around $375 million.
But here’s another interesting part, since Apple will outperform 2/3rds of firms this year as well, so now the company’s CEO is about to see another 560,000 shares coming into his bank account later this month.
In 2015, Tim Cook said that he planned to give most of his wealth away and has already donated millions of dollars worth of Apple shares.
Cook makes an interesting case because it is unusual for a non-founder CEO to become a billionaire. Usually, founders of big companies are the ones who make it this big, including Jeff Bezos ($187 billion), Bill Gates ($121 billion), Mark Zuckerberg ($102 billion), and Elon Musk ($68.7 billion).
But Cook has arguably built Apple into the most valuable publicly traded company in the world, beating out Saudi Arabia’s state-owned oil company just this July.