Tim Cook: I plan on donating MUCH MORE to charity

27 Mar 2015 | Author: | No comments yet »

Apple’s Tim Cook to give away his multi-million fortune…after paying nephew’s college fees.

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”. According to Cook, he has already begun donating quietly, indicating that he wants to follow a more “systematic approach” to charity, rather than simply giving money away. 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.

He has donated $50 million to Stanford hospitals in 2012 and another $50 million to Product Red, a charity that focuses on fighting AIDS as well as tuberculosis and malaria, the Verge reported. He is joining the trend of other executives who have dedicated their fortunes to charities. ‘Giving Pledge’ was launched in 2010 by Warren Buffett and Microsoft co-founder Bill Gates, urging billionaires to donate at least 50 percent of their fortunes. Individuals like Tesla Chief Executive Elon Musk, New York ex-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. 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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