Apple CEO Tim Cook to donate his $800 million fortune before he dies

27 Mar 2015 | Author: | No comments yet »

Apple CEO Tim Cook to donate all his money: Fortune.

Fortune magazine cited the head of the world’s largest technology corporation as saying he planned to donate his estimated €724m ($785m) 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”. He told Fortune he has started donating money to unspecified causes quietly and is trying to develop a more “systematic approach” to philanthropy that goes beyond writing checks. 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.

In an in-depth profile piece featured in the April 1 issue of Fortune magazine, Cook says he wants to approach philanthropy with a coherent, thoughtful, game plan. 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. 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. However, Cook said making his sexuality public knowledge was difficult because he is a very private and guarded about his personal life. “To be honest, if I would not have come to the conclusion that it would likely help other people, I would have never done it,” he said. “There’s no joy in me putting my life in view.” In the interview, Cook also took a strong line on investors trying to make a quick buck out of Apple’s rising share price. “The kind of investors we seek are long term because that’s how we make our decisions,” he said. “If you’re a short-term investor, obviously you’ve got the right to buy the stock and trade it the way you want.

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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