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Apple CEO Tim Cook plans to give away fortune to charity

Apple CEO Tim Cook has joined a long line of chief executive officers and celebrities giving their fortunes away to charity. In a profile piece for Fortune (opens in new tab), he disclosed that after getting his 10-year old nephew through college, he would donate the rest to philanthropic causes.

Based on his current Apple stock holdings, Cook has around $120 million (£80 million) in stock and a reported $280 million in cash. He also has $665 million (£188 million) in vested stock shares, currently restricted until he completes his tenure as CEO of Apple.

Considering Cook is only 54 years old, he could potentially spend another 15 years at Apple before retiring. There has not been discussion on a successor, but 15 years would could earn him another $1 billion (£670 million) if he stays on board as CEO or even Chairman.

It is not the same as Bill Gates’ $70 billion (£47 billion) he has managed to accumulate by being the largest Microsoft shareholder, but it will still impact Cook’s chosen charities.

Most of the philanthropic efforts have been to establish infrastructure in Africa and remove disease. Cook claims he will work closely with charities to make sure the money is going directly to the places most needed, although he did not disclose any charities.

Considering Apple has been a long time partner of RED, he might consider donating to them.

Cook is a different face of Apple, but has shown the capabilities of leadership at the highest valued company in the world. With a $700 billion (£470 billion) valuation and the Apple Watch rolling out next month, Apple will once again be the face of the technology world - and it needs to shine.

David has been a technology journalist for over six years, covering a wide range of sectors. He currently researches apps, app sectors and app markets for Business of Apps, and has written for ITProPortal, RTInsights, ReadWrite, and Digital Trends.