Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Apple boss Tim Cook lands $750m windfall as pandemic fires up tech fortunes

Apple boss Tim Cook lands $750m windfall as pandemic fires up tech fortunes

APPLE boss Tim Cook has landed a $750 million (£500 million) share windfall, the latest evidence that the wealth of the very richest American CEOs has boomed during the pandemic.

The share award is part of a deal agreed last year that keeps him at the iPhone giant until 2026 and follows a 1200% rise in Apple shares since he succeeded Steve Jobs in 2011.

His total wealth is put at $1.5 billion by Bloomberg, an amount that is but a fraction of what other tech bosses have accumulated.

According to Forbes, US billionaires have seen their wealth surge by two thirds to $1.8 trillion during Covid, usually because the tech companies they founded have enjoyed an extraordinary rise in market value.


Lockdowns and the closure of large swathes of the economy saw the tech giants become vital to many people.

The political left in the US has called for windfall taxes on these fortunes to help pay for Covid relief packages and wider government spending.

Even those who don’t share that sentiment have worried about rising wealth inequalities and the power that has accrued to a small number of astonishingly rich people.

COMMENT: The billions landed by the tech bosses during Covid

Cook got five million shares in Apple, roughly around the time of his 10th year anniversary as CEO.

He has just sold most of them, according to filings to the US Securities & Exchange Commission, which also show he gave $10 million to an unnamed charity.

Cook has said he intends to give most of his fortune away before he dies, something fellow billionaires Warren Buffett and Bill Gates have also pledged.

When Cook first became CEO, many observers doubted he could continue Apple’s extraordinary run. Instead he dominated new markets, such as China, and helped the business develop new products and earn new fans.

Cook has also overseen more than 100 acquisitions by Apple and the development of a film studio.

Figures from Forbes show that from March 2020 to August 2021, the number of US billionaires rose from 614 to 708. In 1990 there were fewer than 70.

The UK has an estimated 171 billionaires, of which the richest is said to be Sir Len Blavatnik, a Ukrainian born energy and aluminium tycoon, with £23 billion. Property magnates David and Simon Reuben come second with £21 billion.

Yesterday it emerged that the incoming chief executive of Mike Ashley’s Fraser Group --- the holding company for Sports Direct – could land £100 million.

Michael Murray, 31, has to hit some stretching share price targets to land that prize, but the amount could stir fresh complaints about executive pay from MPs and the public.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
×