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Apple’s Tim Cook vows to give away his entire fortune

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Apple CEO Tim Cook

Apple CEO Tim Cook has today vowed to give away the lion’s share of his personal wealth.

Speaking to Fortune magazine, the chief executive revealed he would one day donate his entire fortune to charity.

That’s no small change either; Tim Cook has accrued masses of capital during his time working at the world’s most valuable company.

In fact, his wealth is estimated to be in the region of $785 million, although his personal net worth is lower – around $120 million. The remaining $665 million is held in restricted stock.

You want to be the pebble in the pond that creates the ripples for change,” the Apple lead explained.

The CEO has reportedly begun 'donating money quietly', but he wants to take time 'to develop a systematic approach to philanthropy rather than simply writing cheques'.

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His statements come at a time when the trend of increasingly philanthropic, super-wealthy individuals appears to be growing.

US billionaire Warren Buffett has long encouraged the rich to give away at least half of their wealth, with Microsoft’s Bill Gates and Facebooks’ Mark Zuckerberg also having donated large sums of money from their personal coffers.

Cook hasn’t yet made clear which organisations will be on the receiving end of his cash, however.

Importantly, though, he did vow to pay for his 10-year-old nephew’s college education before he relieves himself of wealth entirely.

Johnny Walker

March 27, 2015, 5:19 pm

lunatic. no poor person would ever do this.

Jmac

March 30, 2015, 7:15 am

I'm sure he and other very high net worth philanthropists are making sure their loved ones are taken care of, but (especially given he has no kids) Tim Cook could provide for his nearest and dearest for life with 1% of his current worth (which we can reasonably assume is going to rise further over time), leaving a vast sum for various charitable causes. And Tim Cook is a pauper compared to Gates, Buffet and Zuckerberg. Who's to say their respective families even WANT to be given handouts from rich uncle Tim or whatever? Personal pride would play a big part for me.

Then there's the angle that, once you get to a certain level of wealth, I imagine you must realise that neither you nor your family needs even a tiny fraction of it. Zuckerberg, for example, could retire today and spend millions of dollars every day for the rest of his life and still end up with more than he has now just due to passive investment income on his $30bn fortune. At that point it becomes about building a legacy. Sometimes it's about building a business, like Zuckerberg is doing (he's still young); but Gates has moved past that and is now effectively retired from Microsoft and focused entirely on philanthropy. It's not unknown for wealthy people to donate anonymously; but they are also likely to found the Tim Cook Center for [xyz] or the Gates Foundation. There's a sort of immortality in putting your name to something that does good works whose repercussions resonate long after you're gone.

Anyway, you both sound rather miserly - why not share the spoils of enormous success more widely, rather than horde it for your family to live in opulence for generations?

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