Apple CEO Tim Cook moved to the billionaire club as the tech company’s stock price continued to soar.
Apple̵7;s market value has risen following strong results and the tech giants’ optimistic outlook.
Mr. Cook directly owns 847,969 shares and brought home more than $ 125 million (£ 96 million) last year as part of his salary package.
Last week, Facebook founder Mark Zuckerberg saw his personal fortune hit $ 100 billion (£ 76 billion).
Tech companies including Apple, Facebook and Amazon have seen their profits increase during the coronavirus epidemic as more and more people are online.
Silicon Valley-based Apple is currently hitting the milestone of becoming the first company to be valued at $ 2 billion. Two years ago, it became the first company to be valued at $ 1 billion.
Cook took over Apple founder Steve Jobs nine years ago. His billionaire status is based on the shares he owns and the remuneration he has been paid at Apple, and is calculated by the Bloomberg Billionaire Index.
In 2015, he said he planned to give away most of his fortune and donated millions of dollars in Apple stock.
Facebook’s Zuckerberg has similarly pledged to give away a majority of his stake.
Mr. Zuckerberg, along with Jeff Bezos of Amazon and Elon Musk of Tesla, amassed their wealth from huge stakes in the companies they founded.
Meanwhile, Cook’s stake in Apple is very small, only about 0.02%.
Based on US federal and state taxes on California, Mr. Cook would face a tax rate of just over 50%, as the top earner.
Clock and music
While Apple hasn’t revealed any of the as groundbreaking new products as its iPhone, the company has been thriving since Cook took over.
He has overseen the development of devices like the iPhone X and Apple Watch, along with new services like Apple Music.