How Much Is Tim Cook Worth? Apple CEO Required To Use Private Jet
Being the head of the most profitable company in the world has its perks. Apple CEO Tim Cook reportedly does all his traveling—both personal and business related—using private jets, AppleInsider reported.
The decision to fly private is undoubtedly a luxury but Cook actually doesn’t have much say in the matter. Apple’s board of directors mandates that the company’s top executive travel this way as a safety precaution.
Having Cook travel using exclusively private jets costs Apple about $93,000, according to a report from Bloomberg. The cost of personal security for Apple’s CEO adds about $225,000 to the company’s tab. "The Apple board stipulated this year that for security reasons the CEO should use private planes for business and personal travel, citing the risk given his high profile," the Bloomberg report said.
Those costs barely show up on Apple’s bottom line. The Cupertino-based company posted revenue of $52.6 billion and $10.7 billion in profit during the fourth quarter of 2017, which closed out the most profitable year in the company’s history.
Apple’s stock is also on the rise, driven primarily by the extremely profitable year and what is expected to have been a successful holiday season for the company. Shares of AAPL are trading near the stock’s all-time high and has produced about a 50 percent gain from its 52-week low.
What Is Tim Cook’s Salary?
According to a recent U.S. Securities and Exchange filing made by Apple, company CEO Tim Cook took home $3,057,692 million in base salary for 2017. He also took home $9.33 million in incentive pay or bonuses, bringing his total earnings for the year to $12,825,066.
The total payout including bonuses amounts to about a 46 percent pay raise for Apple’s top executive, who made a total of $8,747,71 in 2016.
On top of his base pay and incentives, Cook also received an equity award of $89.2 million—a figure driven in part by Apple’s strong performance on the stock market over the course of the year. The award would bring his 2017 total to about $102 million.
Tim Cook Net Worth
Determining Tim Cook’s salary is relatively easy as it is included in publicly-available documents filed by Apple. His net worth is a little more complicated. Forbes estimated that Cook is worth about $610 million in a profile of the Apple CEO in December 2016.
Equilar, a data intelligence firm that has produced estimates on CEO pay, estimated that Cook is likely worth around $625 million—a figure that the firm said was a low-end estimate. A Reuters article from 2015 listed his estimated net worth at $785 million.
Cook earns an annual salary from Apple along with bonuses, holds a considerable amount of shares in Apple stock and sits on the board of directors for Nike, which provides him with shares in that company as well.
Regardless of how much Cook is worth, the CEO has promised to give away his fortune after taking Warren Buffett’s “Giving Pledge.” Cook joined other notable tech executives including Bill Gates, Mark Zuckerberg and Larry Ellison in taking the pledge.
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