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Apple CEO Tim Cook and Austin Community College (ACC) President/CEO Dr. Richard Rhodes join Austin Mayor Steve Adler and State Senator Kirk Watson for an exciting announcement launching a new app development program at ACC on Friday, August 25, 2017 at the Capital Factory in downtown Austin, Texas.

Apple CEO Tim Cook Joins Billionaires Club

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Key Points

  • Nine years after Steve Jobs stepped down and moved Tim Cook to Apple’s peak, the company is more valuable than ever—and so is Cook.
  • Apple’s share price rose nearly 5 percent last week, leaving the corporation the late Jobs co-founded 44 years ago in his parents’ home in California at the cusp of a stock market milestone: a market value of almost US$2 trillion. When he died it was valued at around US$350 billion.
  • While Bezos and Zuckerberg have enormous stakes in the companies they founded, Cook’s path to the 10-figure-club has been incremental.
  • Visit The Financial Today’s homepage for more stories.

Nine years after Steve Jobs stepped down and moved Tim Cook to Apple’s peak, the company is more valuable than ever—and so is Cook.

Apple’s share price rose nearly 5 percent last week, leaving the corporation the late Jobs co-founded 44 years ago in his parents’ home in California at the cusp of a stock market milestone: a market value of almost US$2 trillion. When he died it was valued at around US$350 billion.

Meanwhile, Cook has joined one of the most elite clubs for CEOs who did not found the companies they run: according to calculations by the Bloomberg Billionaires Index, his net worth has eclipsed US$1 billion.

His net worth estimate is based on analyzing regulatory filings and applying a typical wealthy investor’s market performance to his proceeds from share sales.

Cook, 59, said in 2015 that he intends to give away much of his fortune. He has also donated millions of dollars in Apple shares, and his wealth could be lower if he has also made other undisclosed charitable gifts.

An Apple spokesperson declined to comment.

“This tech cycle has been way bigger and longer than I thought,” said Hussein Kanji, a partner at venture capital firm Hoxton Ventures, who had expressed caution about Apple’s long-term outlook after Jobs left the company.

“Out of all these stocks, Apple has become the greatest cash generation machine in history.”

Apple’s stock surge comes as Cook and his fellow Big Tech CEOs—Amazon’s Jeff Bezos, Alphabet’s Sundar Pichai, and Facebook’s Mark Zuckerberg—face antitrust probes into what their critics characterize as monopolistic powers.

While Bezos and Zuckerberg have enormous stakes in the companies they founded, Cook’s path to the 10-figure-club has been incremental. The vast majority of his estimated wealth comes from equity awards he has received since joining Apple in 1998, where he has drawn plaudits for mastering the company’s complex supply chain.

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