Aug 11, 2020

Apple boss Tim Cook reaches billionaire status

Apple chief executive Tim Cook has moved into the billionaire club as the tech firm's share price continues to soar. Silicon-Valley based Apple is now closing in on the milestone of being the first company to be valued at $2tn. Two years ago 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 comparison, Mr Cook's stake in Apple is miniscule at about 0.02%. Based on US federal and state taxes for California, Mr Cook would face a tax rate of just over 50%, as a top-bracket earner. While Apple has not revealed any new products as groundbreaking as its iPhone, the company still has thrived since Mr Cook took over the reins.

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