Know about Tim Cook’s Net Worth in 2023, including his biography, age, height, weight, and other details. He is an American business executive, whose estimated net worth is $1.8 billion as of 2023.
Who is Tim Cook?
Timothy Donald Cook was appointed as the CEO of Apple Inc. in 2011, succeeding the company’s co-founder, Steve Jobs. Cook had previously served as the chief operating officer at Apple. He joined the company in 1998 as a senior vice president responsible for worldwide operations and later became the executive vice president for worldwide sales and operations. Cook has been an advocate for various causes during his tenure as CEO, including international and domestic surveillance reform, cybersecurity, American manufacturing, and environmental preservation.
Under Cook’s leadership, Apple’s revenue and profit have doubled since 2011, and the company’s market value has soared from $348 billion to $1.9 trillion as of 2020.
What is Tim Cook’s Net Worth and Salary?
Tim Cook is a renowned American business executive, known for his role as CEO of Apple Inc. He joined the company in 1998 and took over as CEO in 2011. According to Forbes Realtime Net Worth, Cook’s net worth is estimated at $1.8 billion. Under Cook’s leadership, Apple’s market cap has skyrocketed from $350 billion during the reign of the company’s founder Steve Jobs, to over $2.4 trillion today. Many doubted Cook’s ability to out-perform his predecessor, but a $1,000 investment in Apple shares on the day he became CEO would now be worth $13,000, a decade later.
|Net Worth||$1.8 Billion|
|Date of Birth||Nov 1, 1960|
|Age||62 years old|
|Place of Birth||Mobile, Alabama|
|Height||6 ft 2 in (1.9 m)|
|Nationality||United States of America|
Cook has expressed his intentions to give away most of his fortune to various charities before he passes away. He has already donated tens of millions to different causes.
Salary and Perks
During his time as Apple’s Senior Vice President of Worldwide Operations, Tim Cook earned a yearly salary of $500,000. When Cook was appointed CEO in 2011, his annual salary increased to $900,000. Currently, Cook’s base salary is $3.4 million, and he receives an annual bonus of $8-12 million. In addition, Cook is periodically granted large chunks of Apple options that vest over time, and his vested shares are considered as income in a given year.
For instance, in 2019, Cook earned $113.5 million worth of vested shares on top of his salary and bonuses, bringing his total compensation for the year to approximately $125 million. From the time he became CEO in 2011 until 2020, Cook’s total compensation from Apple amounted to $963.5 million.
Aside from his standard compensation, Cook benefits from roughly $500,000 worth of personal security expenses that are covered by Apple each year. He is also required to fly privately for all personal and business travel, with flight costs totaling around $315,000 per year.
What is Tim Cook’s Apple stock ownership?
Tim Cook was granted a large number of options on the day he became CEO, which vested in ten annual increments, with the first chunk granted upfront. These options included a performance-based component, with shares only being granted if Apple outperformed 2/3 of the S&P 500. Tim Cook met every performance milestone and received his ninth grant of roughly 560,000 shares in August 2020.
Approximately half of these shares were set aside to cover his estimated tax debt at the time, leaving Tim with a stake in Apple worth around $126 million at the time of the grant. Overall, Tim already owns 847,969 fully-vested shares of Apple, which were worth roughly $280 million in February 2020 when Apple shares were trading at $320 and increased to $380 million in August 2020 when Apple hit $450 per share.
With this, Tim Cook became the company’s second-largest individual shareholder, owning roughly 0.02% of the company. The largest individual shareholder is Board Chairman Arthur Levinson, who has held 1.1 million shares since 2000. The third-largest individual shareholder is Senior VP of Software Engineering Craig Federighi, who owns 412,000 shares as of this writing.
Final compensation plan installment
In August 2021, Tim Cook received his tenth and final installment of the original compensation plan, ending a decade of his tenure as CEO.
Tim Cook’s Billionaire Status
In August 2020, Tim Cook reached billionaire status after receiving his ninth and largest performance-based stock grant from Apple, consisting of 560,000 shares. This brought his total number of Apple shares owned to approximately 1.4 million. At the time of the grant, the shares were worth around $126 million, and Cook was required to set aside roughly half of them to cover estimated taxes.
Cook’s wealth has continued to grow as Apple’s market capitalization has skyrocketed in recent years. As of April 2023, Forbes estimates Cook’s net worth to be $1.8 billion, with the majority of his wealth tied to his Apple stock ownership. Additionally, Cook has pledged to donate most of his fortune to philanthropic causes before he dies and has already donated tens of millions of dollars to various charities.
Born on November 1, 1960, in Mobile, Alabama, Timothy Donald Cook was raised in Robertsdale. His parents, Donald and Geraldine, worked as shipyard workers and pharmacy employees, respectively. After attending Robertsdale High School, Cook pursued a degree in Industrial Engineering from Auburn University and graduated in 1982. Later, in 1988, he completed his Master of Business Administration from the Fuqua School of Business at Duke University, where he was a top-performing student and received the distinction of being a Fuqua scholar.
After graduating from Auburn University, Tim Cook started his professional career at IBM, where he worked his way up to become the North American Fulfillment Director. In that role, he oversaw the manufacturing and distribution functions of IBM’s Personal Computer Company in both North and Latin America. After 12 years at IBM, Cook became the chief operating officer of the Reseller Division at Intelligent Electronics. He then worked briefly as the Vice President of Corporate Materials for Compaq, where he was responsible for purchasing and managing product inventory.
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Tim Cook’s Career at Apple
Tim Cook began his journey at Apple in 1998, as Senior Vice President for worldwide operations. He played a critical role in turning around the fortunes of the company during a bleak period.
Rise through the Ranks
After starting his career at IBM, Cook worked his way up the ranks to become the computer corporation’s North American Fulfillment Director. He subsequently joined Intelligent Electronics and Compaq, where he served as Chief Operating Officer and Vice President of Corporate Materials, respectively.
Cook joined Apple at a time when the company was facing declining profits and no growth prospects. He quickly got to work and closed down Apple factories, replacing them with contract manufacturers, and invested in long-term deals like an advance investment in flash memory. Cook’s actions generated huge profits for the company, and he was credited with keeping Apple’s costs under control. He was promoted to lead operations in January 2007 and served as chief executive in 2009.
Taking the Reins
In 2011, Steve Jobs requested another leave of absence, and during this time, Cook was responsible for running operations at Apple day-to-day. Jobs eventually resigned as CEO, and, in August 2011, Cook was named Apple’s new CEO. Steve Jobs passed away just two months later, in October 2011, after a battle with cancer.
Success as CEO
Under Cook’s leadership, Apple has continued to thrive. In 2012, Cook was awarded one million shares by Apple’s board of directors. He announced plans to donate his entire stock fortune to charity. In May 2014, Apple announced its biggest acquisition yet, with the purchase of Beats Music and Beats Electronics for $3 billion. The iPhone 6 was unveiled in the summer of 2015, and the Apple Watch was announced a year later.
Tim Cook’s involvement in politics and social issues
In 2013, Tim Cook was invited to attend a private summit hosted by President Barack Obama to discuss surveillance and internet privacy in the aftermath of the Edward Snowden incident.
In 2015, the FBI requested Apple’s assistance in unlocking an iPhone used by one of the attackers in the San Bernardino terrorist attack. Cook refused and denounced the Department of Justice’s order to create custom firmware for iOS as a breach of privacy that would have “chilling” consequences for public privacy and safety.
Philanthropy and Corporate Involvement
In October 2019, Cook was appointed chairman of the advisory board for Tsinghua University’s economics school. His term will last for three years.
Cook has also been on the board of directors for Nike, Inc. and the National Football Foundation. He owns $3.4 million worth of shares of Nike.
Cook is known to be a very private and reserved person. He made headlines in 2014 when he became the first CEO of a Fortune 500 company to publicly come out as gay in an editorial for Bloomberg Business. In a 2015 interview on The Late Show with Stephen Colbert, Cook explained that he wanted to be open about his sexuality to help inspire the LGBTQ community to live authentically without fear. Cook is not married and does not have children. He has donated to the presidential campaigns of Barack Obama and Hillary Clinton and was reportedly considered as a potential running mate for Clinton in 2016. Cook has also stated that he plans to donate the majority of his wealth to charitable causes upon his death.
Tim Cook, despite being one of the world’s highest-paid business executives, lives in a modest 2,400-square-foot house in Palo Alto, California. The house was purchased in 2010 for $1.9 million, just a year before Cook became CEO. In 2018, he acquired a new property at the Madison Club, an upscale gated community in La Quinta, California, for $10.1 million, spanning 10,000 square feet.
Tim Cook’s leadership has helped transform Apple into one of the most successful and influential companies in the world. His dedication and hard work have been critical in ensuring the company’s continued success.