Apple chief executive Tim Cook has joined the billionaire club as the iPhone maker is poised to become the US’s first $2tn company.
Apple’s performance has so far proved to be coronavirus-proof, crushing Wall Street expectations in each of the last two quarters, and pushing the company’s market value to new peaks just below $2tn.
Cook, who took over running Apple when founder Steve Jobs stood down in 2011 due to deteriorating health, owns 847,969 shares in the company, worth about $375m (£286m) at its current stock price. Proceeds from previous share sales, dividends and other compensation add a further $650m to his net worth, according to the Bloomberg Billionaire’s Index.
The 59-year-old has presided over a more than eight-fold increase in Apple’s share price since taking over, from about $53 in 2011 to more than $450. Apple was valued at about $350bn when Cook stepped up from chief operating officer to replace Jobs. Two years ago this month Apple became the world’s first publicly listed company to be worth $1tn.