Apple’s Tim Cook will be joining the legion of ultra-wealthy individuals who have pledged to give away all their fortune.
According to Fortune Magazine, the head of the world’s largest technological corporation plans to hand over his wealth to charity, after paying for his 10-year-old nephew’s college education.
Cook told the magazine, “you want to be the pebble in the pond that creates the ripples for change”.
Based on his holdings of Apple stock, Cook’s estimated net worth has been quoted at $120 million. On top of this, he holds restricted stock worth $655 million if it were to be fully lodged.
The 54-year-old CEO’s revelation in Fortune’s extensive profile of him highlights the inclination of the world’s wealthiest towards public philanthropy.
Warren Buffet, a billionaire financier, is encouraging the super wealthy to distribute at least half of their lifetime fortune through the “Giving Pledge”, a website which lists some of the world’s most notable luminaries, including Microsoft CEO Bill Gates and Facebook’s Mark Zuckerberg.
While Cook’s generosity pales in comparison to the billions pledged by others listed on the campaign’s website, the Apple CEO told the magazine he wanted to make a difference.
Known as a deeply private person, Cook has often shied away from the spotlight with regard to his philanthropy. He is not listed on the “Giving Pledge” website.
In recent years, however, he has become more vocal about certain issues such as concerns about the environment and civil rights. During his induction into the Alabama Academy of honor, Cook, who recently came out as gay, spoke out against discrimination against the LGBT community.
Cook told Fortune he has been discreetly donating to unspecified charities and is seeking to find a more “systematic approach” to philanthropy.•