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Tim Cook has been the CEO of Apple for the last six years. According to Time, Cook’s net worth in 2017 is over $625 million based on stocks and other factors. CelebrityNetWorth puts his net worth at $400 million.
Apple recently announced the release of the iPhone 8, iPhone 8 Plus and iPhone X.
Here’s what you need to know about Cook’s net worth:
1. Cook Brought Home $8.7 Million in 2016
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Apple executives are paid on a performance-based compensation scale based on board-approved milestones for revenue and operating income. The milestones and thresholds are approved by the board each year based on projections and goals for the company. Since the company fell below the target in 2016 in more than one category, the executives received less compensation. The total salary includes a base pay, various payments like vacation “cash out” payments and 401K contributions.
In 2015, Apple hit most of its milestones, so Cook brought home $10.3 million that year, still not Apple’s highest-paid executive. Some higher-paid Apple executives brought home more than $25 million each.
With the announcement of the new generation of iPhones and the new Apple Watch, the company is likely to see major improvements in sales. This could lead to Cook bringing home upwards of $11 million for the 2017 year.
2. Cook was Rewarded with $89 Million in Apple Stock
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As part of a delayed “Welcome Package,” Cook recently received a batch of Apple stock. The welcome package was given to Cook when he took over from Steve Jobs in 2011. As Apple hits performance milestones, Cook gets payouts in Apple stock as part of a reward for a job well done.
Because Apple had a good performance in the stock market compared to companies that it’s benchmarked against, Cook got the full payout that he was entitled to. Apple used $46 million to pay the taxes on the stock, and the rest was sold off by Cook for a reported $43 million.
The package Cook received from Apple includes another 3 million Apple shares worth about $484 million. Cook also holds another $145 million in Apple stock. Cook owns over 900,000 shares of Apple stock.
3. He is Going to Donate all his Money
Tim Cook speaks during an Apple special event at the company’s Cupertino, Calif. headquarters on March 21, 2016. (Getty)
Cook has said that he wants to donate most of his money with the stipulation that he would pay for his now 12-year-old nephew’s college first. In a profile piece for Fortune, Cook said that he’s already been donating to causes quietly.
Cook stated that he plans to develop a systematic approach to donating his money and that he doesn’t want to “throw money at the problem.” Cook began demonstrating his philanthropic efforts at Apple when he set up a matching program for employees. When an employee donates to a non-profit, the company matches that donation by up to $10,000 annually.
4. He Already Donates Money to Non-Profits
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In the wake of Hurricane Irma and Hurricane Harvey, Cook, along with Apple, donated over $2 million to assist with relief efforts. This isn’t an unprecedented donation for the CEO. In August 2017 after the tragedy in Charlottesville, Cook gave $2 million to relief efforts and spoke out against hate.
A year after taking over as CEO of Apple, Cook donated $2.5 million to Hurricane Sandy Relief. He also made sure that the company could collect donations through iTunes. He has also donated money to AIDS-fighting organizations, equal rights activists, hospitals and funds to advance diversity in tech.
“You want to be the pebble in the pond that creates the ripple for change,” Cook told Fortune when asked about his activism.
5. He Owns a 2,400 Square Foot House in Palo Alto
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Cook lives in a relatively modest home in Palo Alto, California. The house is a four-bedroom condo with a small yard and a small section of real estate in the back. The neighboring house sold for over $2 million in 2014.
Cook’s house may be relatively modest, but he said he has incorporated an entire suite of Apple HomeKit products to make his routines automated. He said that when he says good morning to Siri, his lights turn on and his coffee starts brewing. His HomeKit also helps him at night.
“When I go to the living room to relax in the evening, I use Siri to adjust the lighting and turn on the fireplace,” he told the media in a conference call in February.