Apple CEO Tim Cook Plans to Donate His Fortune

27 Mar 2015 | Author: | No comments yet »

Apple CEO Tim Cook plans to donate $800m fortune to charity before he dies.

Fortune magazine cited the head of the world’s largest technology corporation as saying he planned to donate his estimated $785 million fortune to charity – after paying for his 10-year-old nephew’s college education. Tim Cook is planning to give away all of his near $800m fortune before he dies, the Apple boss said in a surprisingly frank interview, in which he also described his sexuality as a “yawner”.

The “Apple Campus 2,” the working name for Apple’s under-construction new corporate campus, will unite all of Apple’s technology and artistic capabilities, Cook told Fortune in an exclusive interview published Thursday. The Cupertino campus — “I hate the word ‘headquarters’ … It isn’t overhead, and we’re not bureaucrats,” says Cook — brings cutting-edge technology to even the most basic tasks. Cook, who has spoken publicly about the importance of stopping HIV/Aids and climate change, as well as championing human rights and equality, did not specify which causes he would support but said he had already begun donating money quietly. Meanwhile, Apple is settling only for a perfect design, including mocking up entire parts of the campus, then tearing them down if they’re not satisfactory — a luxury of being a $700 billion company.

Other elements of Apple Campus 2 include an underground, 1,000-seat auditorium so the company’s popular product announcements can be on Apple’s own turf and schedule. While Cook’s largesse could not begin to approach the scale of a Gates or Zuckerberg, both worth billions of dollars, the Apple CEO told Fortune he hopes to make a difference. In 2010, Warren Buffett and Microsoft co-founder Bill Gates launched the Giving Pledge, an appeal to billionaires to give at least 50% of their wealth to charity. The project’s existence has been known for years — the late Apple CEO Steve Jobs spent much of his last two years planning the campus — but never ceases to amaze Apple followers.

Tesla chief executive Elon Musk, former New York mayor Michael Bloomberg, Facebook boss Mark Zuckerberg and eBay founder Pierre Omidyar have all signed up. Cook, who recently revealed he was gay, spoke out against discrimination of the lesbian, gay, bisexual and transsexual communities during his induction into the Alabama Academy of Honor last year. In a speech last year, he said: “I have a nephew that I dearly love that’s 10, and when I look at him, and when I think of leaving a world that’s not as good as when I entered it, there’s no bigger sin than that.” In 2012, Cook donated $50m to Stanford hospitals, near Apple’s Silicon Valley headquarters, including $25m for a new children’s hospital.

But I want everybody to know that’s not how we run the company.” Earlier this week, a financial analyst predicted that Apple could soon become the world’s first trillion dollar company. Analysts at Cantor Fitzgerald on Monday said they thought Apple’s shares – which are currently trading at about $127, valuing the company at $733bn – could soon be worth $180 each, which would value the iPhone maker at $1.05tn.

It would be the first time any company had ever been valued at more than $1tn, and would make Apple more valuable than the gross domestic product (GDP) of Indonesia, the Netherlands or Saudi Arabia, according to World Bank statistics.

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