Tim Cook Now A Billionaire As Apple Nears $2T Valuation

Apple Inc AAPL Chief Executive Officer Tim Cook is now a billionaire — thanks to the near $2 trillion market cap Apple is enjoying, Bloomberg  reported Tuesday.

What Happened

Cook’s wealth has exceeded the $1 billion mark, according to the calculations done by Bloomberg Billionaires Index. 

Apple shares have risen nearly 5% in the last week and almost 54% year-to-date, with the company’s market capitalization approaching $2 trillion. 

The Cupertino-based tech giant was valued at $350 billion at the time its co-founder Steve Jobs died in 2011. 

Why It Matters

The rise in Cook’s wealth and Apple’s value mirrors the growth of the so-called FAANG stocks, an acronym that refers to Facebook Inc FB, Amazon.com, Inc AMZN, Apple, Netflix Inc NFLX and Alphabet Inc GOOGL GOOG, formerly known as Google, Bloomberg noted. 

Unlike Facebook CEO Mark Zuckerberg and other tech titan founders — such as Tesla Inc's TSLA Elon Musk — who own significant chunks of their companies, Cook’s ownership of Apple shares has been incremental and a part of equity awards.

Cook reportedly said he plans to give most of his fortune to charity and has already donated shares to the tune of millions of dollars.

Amazon CEO Jeff Bezos, the richest person on the planet, sold $3 billion worth of Amazon shares this month after having sold $4.1 billion worth of shares in January and February this year, under a pre-planned arrangement.

Price Action 

Apple shares closed 1.45% higher at $450.91 on Monday and fell 0.22% in the after-hours session.