US Technology giant Apple’s Chief Executive Officer, Mr. Tim Cook has joined the billionaire’s club as the tech firm’s shares continue to soar. The market value of Apple has continued to rise following strong results. The Firm has neared $2 trillion in market capitalization.
Mr. Cook has taken over the business from Apple’s founder Steve Jobs nine years ago. Tim Cook owns 847969 shares in Apple. According to Bloomberg’s Billionaires Index, the fortunes of Tim Cook is based on the shares he owns in Apple and the compensation he has been paid. As part of his pay package, he took home more than $125 million last year.
In 2015, Mr. Cook planned to give most of his fortune away and he donated the million-dollar worth of Apple shares. Now Mr. Cook owns about 0.02% of stake in the firm. Mr. Cook would face a tax rate of just over 50%, as he is a top-bracket earner based on US federal and state taxes for California. Similarly, Mark Zuckerberg has also pledged that he will also give away the major of his shares of Facebook.
The stakes of major Tech giants continue to soar due to the Coronavirus pandemic. The Pandemic has taken a toll on businesses in many sectors. The Company showed great results in the Pandemic. However, Apple is not the only company that performed well in the pandemic. Facebook founder, Mark Zuckerberg experienced an increase in his personal wealth hitting $100 billion. Similarly, Amazon’s Jeff Bezos and Tesla’s Elon Musk has also a huge increase in their stakes.
During the COVID – 19 Pandemic, more and more people went online for various purposes like shopping, consultation, and so on. As online shopping increased the Giant Companies like Facebook, Amazon and Facebook witnessed a huge rise in their profits.
Apple’s performance has witnessed a major increase in the growth in the last quarter and so Apple is now close to a milestone as it is now valued at $2 trillion after market capitalization. Apple is the first company to be valued at $2 trillion. The Silicon – Valley-based company (Apple) was also the first company to be valued at $1 trillion two years ago. Apple has eclipsed Saudi Aramco to become the most valued listed company in the world in July 2020. Apple has Flourished under Mr. Tim Cook’s leadership with i- phone X and now it is moving towards Subscription TV.