Apple CEO Tim Cook is the newest member of the Billionaire’s Club, as his net worth has climbed to over $1 billion, according to calculations by Bloomberg‘s Billionaires Index. Bloomberg says Cook’s net worth was calculated using regulatory filings and market performance.
However, even at $1 billion, Cook doesn’t make the list of the world’s 500 richest people, a list topped by Amazon CEO Jeff Bezos and former Microsoft CEO Bill Gates.
Much of Cook’s fortune stems from stock awards provided when he took over as Apple CEO from the late Steve Jobs. When Jobs died in 2011, Apple had a value of approximately $350 billion. Apple stock has increased by almost 5% in the past week, pushing it close to a $2 trillion market valuation. Apple hit the $1 trillion milestone two years ago and is already flirting with $2 trillion level.
Much of Cook’s fortune stems from stock awards provided when he took over as CEO, and he will likely receive his ninth payout from the award later this month, will include 560,000 shares of Apple stock, and should boost his net worth by approximately $100 million.
In the past, Cook has said he plans to give away most of his wealth to charity, via a “systematic approach to philanthropy.” For the last several years, Cook has donated $5 million in stock to various unnamed charities on a yearly basis.