Apple CEO Tim Cook plans to give away most of his fortune

[Lite Beer]

Apple CEO Tim Cook plans to give away most of his fortune

SAN FRANCISCO (AP) — Apple CEO Tim Cook is joining a long list of magnates promising to give away most of the wealth that they amass during their careers.

Cook mentioned his intentions in a story about him published Thursday by Fortune magazine. After paying for the college education of his 10-year-old nephew, Cook says he will donate the rest of his money to philanthropic causes.

Apple Inc. declined to comment Friday.

The charitable commitment echoes pledges made by other executives far richer than Cook, who is 54.

Microsoft co-founder Bill Gates, Berkshire Hathaway CEO Warren Buffett and Oracle Chairman Larry Ellison are among more than 120 wealthy people and families who have announced they will give away their fortunes. Gates, Buffett and Ellison each have a net worth of at least $54 billion and rank among the five richest people in the world, according to Forbes magazine.

Most of Cook's wealth is tied up in an Apple grant of restricted grant that he received in 2011 when he succeeded Steve Jobs as Apple's CEO. That grant is now worth about $860 million. Most of the restricted grant will vest in separate tranches next year and in 2021.

Apple can rescind some of the restricted grant if the company's stock lags the performance of the Standard & Poor's 500 for an extended stretch. That hasn't been an issue during the past year, with Apple's stock surging by about 60 percent to lift the company's market value above $700 billion. The S&P 500 has gained 11 percent over that period.

Since Cook became CEO, Apple's stock has more than doubled to create about $370 billion in shareholder wealth. The Cupertino, California, company also has paid out about $27 billion in shareholder dividends.

Cook signaled his interest in philanthropy early in his tenure when he set up a program committing Apple to match each of its employees' donations up to $10,000 annually.

-- (c) Associated Press 2015-03-28

[ezzra]

There are many good causes where such funds can go, many are worthy of a sincere help,

providing this act of benevolence will not take political religious or national sides and preferences

on others... there are many, many needy people and projects that can use the help,

I hope that this act of unselfishness will have it's own rearwards by making people and the world

a better place to live,,,

[Seastallion]

It makes sense.

Wealth spent vs increase in personal happiness is inversely proportional. By the time you've spent tens of millions on yourself, a thousand dollars spent doesn't make you as happy as that $1000 spent when you were poor.

A flask of Hong Thong makes me moderately happy, but if I could give that 130 baht so a family can have a nutritious and tasty meal, I feel their happiness would be greater and thus a better way to spend the money.

Of course, having hundreds of millions makes altruism easier.

[jamesjohnsonthird]

We know he won't be fathering any offspring so what else is he gonna do.

Non story.

Edited March 29, 2015 by jamesjohnsonthird

[Chicog]

We know he won't be fathering any offspring so what else is he gonna do.

Non story.

Adopt?

[Scott]

I heard about a guy who insisted that when he died his millions be changed in to 10 and 20 dollar bills and be buried with him. At the funeral, as they lowered him into the ground someone asked his wife if she had honored his wishes and she replied that she had. When they said that was a lot of money to bury with him, she replied that it was too much and wouldn't all fit into the coffin, so she put it in her account and wrote him a check instead.

[car720]

It makes sense.

Wealth spent vs increase in personal happiness is inversely proportional. By the time you've spent tens of millions on yourself, a thousand dollars spent doesn't make you as happy as that $1000 spent when you were poor.

A flask of Hong Thong makes me moderately happy, but if I could give that 130 baht so a family can have a nutritious and tasty meal, I feel their happiness would be greater and thus a better way to spend the money.

Of course, having hundreds of millions makes altruism easier.

I will most probably wear a noose for this one but I cannot help but have a nagging feeling that there is a tax dodge in all of this.

These guys never made billions by being nice guys and never gave a hand to anyone doing it. As a matter of fact I wonder how many people that got in their way are now six feet under.

These people are the top 3% who own 98% of the world's wealth.

They know something.

[Seastallion]

It makes sense.

Wealth spent vs increase in personal happiness is inversely proportional. By the time you've spent tens of millions on yourself, a thousand dollars spent doesn't make you as happy as that $1000 spent when you were poor.

A flask of Hong Thong makes me moderately happy, but if I could give that 130 baht so a family can have a nutritious and tasty meal, I feel their happiness would be greater and thus a better way to spend the money.

Of course, having hundreds of millions makes altruism easier.

I will most probably wear a noose for this one but I cannot help but have a nagging feeling that there is a tax dodge in all of this.

These guys never made billions by being nice guys and never gave a hand to anyone doing it. As a matter of fact I wonder how many people that got in their way are now six feet under.

These people are the top 3% who own 98% of the world's wealth.

They know something.

I appreciate what you're saying, but their wealth is after-tax dollars. If they get a tax break for earning less interest...good luck to them.

[kinmaew]

Admirable but.... perhaps go a bit deeper. Why are single individuals like this worth so much and then when they decide they give it away to society. How about this.. Pay people fair wages and conditions and make staff happy NOW, dont outsource to India, instead allow local staff to keep their jobs, continue to build knowledge base in-country, allow locals to pay off their mortgages and then individuals like this may only have a few quid left when they die rather than enough to pay off a small country national debt. But oh no we must have these filthy rich who have earned that by running ruthless companies, paying peanuts to the third world, then at the end it all goes back to the people anyway logic?

[fred Kubasa]

This idea given the name " The Pledge" was created by Bill gates and has 367

millionaires/billionaires on it though I don't see any Thais there !

[NeilSA1]

We know he won't be fathering any offspring so what else is he gonna do.

Non story.

Leave his money to close friends and family members ?

[jamesjohnsonthird]

It makes sense.

Wealth spent vs increase in personal happiness is inversely proportional. By the time you've spent tens of millions on yourself, a thousand dollars spent doesn't make you as happy as that $1000 spent when you were poor.

A flask of Hong Thong makes me moderately happy, but if I could give that 130 baht so a family can have a nutritious and tasty meal, I feel their happiness would be greater and thus a better way to spend the money.

Of course, having hundreds of millions makes altruism easier.

I will most probably wear a noose for this one but I cannot help but have a nagging feeling that there is a tax dodge in all of this.

These guys never made billions by being nice guys and never gave a hand to anyone doing it. As a matter of fact I wonder how many people that got in their way are now six feet under.

These people are the top 3% who own 98% of the world's wealth.

They know something.

I appreciate what you're saying, but their wealth is after-tax dollars. If they get a tax break for earning less interest...good luck to them.

Don't their charitible donations offset their capital gains tax? I'm not an accountant but I thought charity was a tax planners maneuver?

[Searat7]

This guy is working so hard I doubt he has time to spend his money

[boomerangutang]

Buy condoms and have them dispensed throughout the world, particularly in places where people are causing the most environmental destruction and/or places where people are most miserable. Add a tube-tying clinics for men and women. All free for the asking.

[NeilSA1]

We know he won't be fathering any offspring so what else is he gonna do.

Non story.

Just have recreational sex...............

[Buntsa]

He will most probably establish a Private Foundation as Biil and Melinda Gates did. After that he can do whatever he wants with the money. Private foundation have no legal requirements and doesn´t have any reporting responsibilities. Will save taxes though.