Tim Cook joins the billionaires club after Apple m-cap nears $2 trillion

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August 11, 2020 11:41 AM

Apple CEO Tim Cook has joined the billionaires club after the US-based technology giant Apple shares gained, and the firm neared $2 trillion in market capitalisation.

Apple WWDC 2020Apple CEO Tim Cook.

Apple CEO Tim Cook has joined the billionaires club after the US-based technology giant Apple shares gained, and the firm neared $2 trillion in market capitalisation. Tim Cook owns 847,969 shares in the technology firm; he took home more than $125 million last year as part of his pay package. His fortunes are also based on the shares he owns in Apple and the compensation he has been paid, according to the Bloomberg Billionaires Index. Tim Cook had taken over the business from Apple founder Steve Jobs nine years ago. In 2015, he said he planned to give most of his fortune away and has already donated millions of dollars worth of Apple shares. Tim Cook now owns a miniscule stake in Apple at about 0.02%.

While coronavirus has taken a toll on the businesses in many sectors, the shares of the tech companies have continued to soar and Apple is no exception. The company posted strong results and the outlook for tech giants has been upbeat in general as well which has caused Apple’s market value to be on the rise. Apple is not the only technology firm which has performed well during the coronavirus pandemic. Last week, Facebook-founder Mark Zuckerberg also saw a surge in his personal wealth with his total fortunes hitting $100 billion. Amazon’s Jeff Bezos and Tesla’s Elon Musk have also accrued their wealth from the huge stakes in the companies they founded.

As more and more people went online for various purposes such as shopping, technology forms including Amazon, Apple, and Facebook witnessed a surge in their profits. Apple is also now closing in on the milestone of being the first company to be valued at $2 trillion. The Silicon-based company was also the first one to be valued at $1 trillion, two years ago. Apple had briefly eclipsed Saudi Aramco to become the world’s most valuable listed company in July.

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