Remember meForgot password?
    Log in with Twitter

article imageApple CEO Tim Cook plans to donate his wealth to charity

By James Walker     Mar 27, 2015 in World
Apple CEO Tim Cook has said that he plans to give much of his vast fortune away to charity in the near future, joining a list of tech executives including Bill Gates and Mark Zuckerberg who enjoy sharing their wealth with others.
Since becoming Apple CEO in 2011, Cook has changed Apple into a more charitable company than Steve Jobs allowed it to be. A companywide program now matches all charity donations made by employees up to $10,000 a year.
Cook has made large donations personally in recent years. He gave $50 million to Stanford's hospitals and another $50 million to the Product RED disease prevention charity in 2012.
Cook's base salary at Apple is believed to be $1.75 million. His net worth is around $120 million based on his holdings in Apple stock but he has additional restricted stock holdings that could be worth up to $665 million.
He now says that he is planning to give away his fortune within a few years. He is waiting to finish paying for his 10-year-old nephew's college and has already begun to quietly donate money.
The 54-year-old CEO plans to develop a "systematic approach" to his future philanthropy projects however, seeing solving issues and changing the world as more important than generating profit for Apple. He told Fortune magazine "You want to be the pebble for the pond that creates the ripple for change."
This highlights a key difference between Cook and his visionary predecessor, the highly-admired Steve Jobs. Whereas Jobs was said to have opposed giving away money, Cook is preferring to use what he has acquired from the technology giant to help others and the world.
Apple has also become more open under the domain of Cook. While Jobs allowed only minimal interaction between the press and the company, Cook's strategy requires that the press makes contact to keep Apple in the news. By giving away his fortune, Cook has again managed to throw his company back into the media spotlight.
More about Apple, CEO, Wealth, Donate, Donation
Latest News
Top News