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Thursday, April 2, 2015

APPLE'S TIM COOK SAYS HE WILL GIVE HIS $785 MILLION FORTUNE TO CHARITY

Apple CEO Tim Cook has told Fortune magazine that he intends to give away his personal fortune to charity.

Reuters reports the 54-year-old as saying that, besides paying for his 10-year-old nephew’s education, his estimated $785 million fortune would go to charitable causes.

‘You want to be the pebble in the pond that creates the ripples for change,’ said Cook.

Although he did not reveal which causes might benefit from his money, the magazine indicated that he had already begun the process of quietly giving away some of his money.

Cook is not the first tech leader to indicate that they plan to give a sizeable chunk of their fortunes to charity. Financier Warren Buffet (who is reported to be worth in excess of $70billion) has been encouraging the super-rich to give away at least half of their worth in their lifetimes. His ‘Giving Pledge’ has been taken up by Microsoft’s Bill Gates and Facebook’s Mark Zuckerberg.

Cook took over from Apple founder Steve Jobs after the latter’s death in 2011. Since that time, the company has continued to dominate the tech industry.

Its fourth quarter profits for 2014 showed it had made $18billion in the three-month period – officially making it the most profitable company in history. Between October and December 2014, it was selling 34,000 iPhones an hour.

Although a widely-known fact within the industry, Cook only made a public statement that he was gay last autumn. Clearly, the announcement has had no detrimental effect whatsoever on Apple’s performance or profits. In late February, its share price rose to $133 – giving the company a value of $744billion. That makes it twice as large as the world's next biggest company, ExxonMobil.

Indeed, this week, Brian White and Isabel Zhu, analysts for New York-based brokerage Cantor Fitzgerald, speculated that Apple’s shares could rise to $180 before the end of this year, effectively valuing the company at $1 trillion.

Cook has previously avoided talking about his personal life, but since revealing that he is gay, has opened up a little more about his thoughts and feelings on a wide range of issues.

In December, it was reported that Cook had made a ‘generous’ personal donation to Human Rights Campaign’s campaign to advance LGBTI rights in the US southern states of Arkansas, Mississipi and his own native Alabama.

Besides talking about his wealth with Fortune , Cook also spoke about how he was unprepared for the intense scrutiny he came under when he took over from Jobs.

‘I have thick skin … but it got thicker.’


‘What I learned after Steve passed away, what I had known only at a theoretical level, an academic level maybe, was that he was an incredible heat shield for us, his executive team. None of us probably appreciated that enough because it’s not something we were fixated on. We were fixated on our products and running the business. But he really took any kind of spears that were thrown. He took the praise as well. But to be honest, the intensity was more than I would ever have expected.’

SOURCE: GAY STAR NEWS

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