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  • Tim Cook is worth an estimated $625 million.

  • As the CEO of Apple, he's the first openly gay CEO in the Fortune 500.

  • And in 2018, Apple became the first U.S. company ever to be worth $1 trillion.

  • But compared to his counterparts in the tech world, his net worth is pretty modest.

  • Google founder and Alphabet CEO, Larry Page, is worth $53 billion.

  • Facebook CEO, Mark Zuckerberg, is worth just under $70 billion.

  • And Amazon CEO, Jeff Bezos is the first person in modern history to accumulate a fortune north of $100 billion.

  • Cook doesn't lead a lavish lifestyle, and has said, "I like to be reminded of where I came from, and putting myself in modest surroundings helps me do that."

  • The Alabama native had a humble start in life as the son of a shipyard worker and pharmacy employee.

  • When he was promoted as Apple's CEO in 2011, his base salary was $900,000, and has risen to $3 million in 2017.

  • He also receives a cash incentive based on the company's performance, which pushed his total pay for 2017 to over $12 million.

  • But his net worth consists mainly of $622 million worth of Apple's stock and options he has collected since becoming CEO.

  • And $3.4 million of Nike stock options he gets as a member of Nike's board of directors.

  • So, how does Apple's leader spend his fortune?

  • Quite differently than other CEOs of tech giants.

  • In 2012, he bought a 2,400 square foot home in Palo Alto, for $1.9 million.

  • The median cost of a home in Palo Alto in 2018 is $3.3 million.

  • And his frugality doesn't stop at the housing market.

  • He reportedly buys his underwear at Nordstrom's semi-annual sale.

  • But Cook does splurge when it comes to donating to good causes.

  • A philosophy that differs from that of his predecessor, who lacked a record of public giving.

  • He encourages his employees to give and has led Apple into many philanthropic endeavors.

  • In 2011, he instated a company-wide, nonprofit donation matching program.

  • Over the past 10 years, Apple has contributed $130 million to help RED fight AIDS.

  • $100 million to advance diversity in tech, through President Barack Obama's ConnectED initiative.

  • $50 million to hospitals and more.

  • Cook practices what he preaches, too.

  • He's donated to civil rights efforts.

  • And in 2018, he donated more than 23,000 shares of his Apple stock, valued at just under $5 million to an undisclosed charity.

  • He also regularly makes campaign donations.

  • He's hosted fundraisers for Barack Obama and Hillary Clinton.

  • And in 2016, he donated $236,000 to the Hillary Victory Fund.

  • Cook's altruism even applies to his future financial plans.

  • He intends to use his wealth to put his nephew through college.

  • And upon his death, he plans to give away all his money to good causes.

  • He told Fortune magazine, "You want to be the pebble in the pond that creates the ripple for change."

  • Windows 8 shipped about a year before Mavericks, and it's at 14%.

Tim Cook is worth an estimated $625 million.

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How Tim Cook Makes And Spends His Millions

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    Annie Chien posted on 2020/02/03
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