As Apple’s stocks are skyrocketing, so does Tim Cook’s wealth.
Apple CEO Tim Cook has reportedly gained a net worth of $1 billion. However, he is still not listed under the world’s 500 wealthiest people. And according to Bloomberg’s reports, Cook’s recent net worth was calculated using the market performance and regulatory filings.
Before Tim Cook was appointed as the new Apple CEO, the company was valued at roughly $350 billion, and the company has grown substantially under his leadership. Most of the reasons for his access are from the stock awards given to him when he took over in the Apple reign. He was recognized with restricted stock units that have grown over time. Aside from that, he has garnered additional stock awards as Apple has exceeded at least two-thirds of the firms in the S&P 500.
It was also reported that later this month, Tim Cook would receive another payout, which will include the 560,000 shares of Apple stock, which would boost his net worth by approximately $100 million.
Apple’s CEO Tim Cook Denies Buying Companies To Stop Competition
Apple’s CEO Tim Cook denies purchasing companies to stop competition but to overcome obstacles. After Cook appeared in front of the Antitrust Subcommittee last Wednesday, there are a lot of the company’s business practices have been questioned.
“If you look at the things behind the investigation, the things are acquisitions, and if you noticed, we didn’t get any questions on acquisitions because our approach on acquisitions has been to buy companies where we have challenges, and IP, and then make them a feature of the phone,” said Cook.
Apple’s biggest company acquisition was last 2014, the $3 Billion Beats By Dre, which leads to the creation of Apple Music. The Beats still exists within Apple and competes directly with the company, particularly Airpods.