Apple’s Tim Cook joins billionaires club

Apple CEO Tim Cook has moved into the billionaire club as the tech firm’s share price continues to climb.

Apple’s market value has been on a steady rise following strong results and the upbeat outlook for tech giants in the aftermath of the coronavirus outbreak.

Mr Cook owns 847,969 shares directly and took home more than $125m last year as part of his pay package.

This comes a week after Facebook founder Mark Zuckerberg saw his personal wealth hit $100bn (£76bn).

Technology companies including Apple, Facebook and Amazon have seen their profits grow during the coronavirus pandemic as more people went online and worked remotely.

Apple is now closing in on the milestone of being the first company to be valued at $2tn – two years after it become the first company to be valued at $1tn.

Mr Cook took over from Apple founder Steve Jobs nine years ago. His billionaire status is based on the shares he owns and the compensation he has been paid at Apple, and calculated by the Bloomberg Billionaires Index.

In 2015, he said he planned to give most of his fortune away and has already donated million of dollars worth of Apple shares.

While Facebook’s Zuckerberg, along with Amazon’s Jeff Bezos and Tesla’s Elon Musk, accrued their wealth from the huge stakes in the companies they founded, Mr Cook’s stake in Apple is miniscule at about 0.02%.

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