Tim Cook joins billionaires' club after rise in Apple's market cap

Tim Cook joins billionaires' club after rise in Apple's market cap

When Cook took over as Apple's CEO in 2011, he was awarded restricted shares, with the equity paid out in annual increments, Bloomberg reported.

His net worth estimate is based on an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales.

Because of those gains, Cook is now also worth more than ever before.

When compared with founder-CEOs such as Facebook's Mark Zuckerberg and Amazon's Jeff Bezos, who own significant stakes in their companies, Cook owns a smaller stake in Apple, the report said.

Apple's share price rose almost 5 per cent last week, leaving the company the late Mr Jobs co-founded 44 years ago in his parents' California home on the cusp of a stock market milestone: a market value of nearly US$2 trillion (S$2.75 trillion).

Cook's wealth has exceeded the $1 billion mark, according to the calculations done by Bloomberg Billionaires Index. As a relatively unknown exec, industry watchers questioned whether he could fill Jobs' shoes, but Apple has approached a near $2 trillion market cap on his watch. Tim Cook owns 847,969 shares in the technology firm; he took home more than $125 million past year as part of his pay package. Under Cook, the company has overseen the development of the iPhone X, Apple Watch, Apple Music and other products.

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