But now it has been revealed that Tim Cook has become a billionaire after his estimated net worth – as calculated by the Bloomberg Billionaires index – surged thanks to increases in Apple share price last week, which saw the iPad maker move closer to the $2 trillion mark.
It should be remembered that it was only back in August 2018, when Apple became the first publicly listed US company worth $1 trillion (£770bn), after its share price was buoyed by a stronger-than-expected earnings report.
But now Apple’s market cap is currently around the $1.9 trillion mark.
According to CNN, its shares are up nearly 54 percent so far this year to almost $451 each.
Cook is therefore now worth $1 billion and joins fellow tech billionaires such as Amazon founder Jeff Bezos, and Facebook co-founder Mark Zuckerberg, although he has some catching up to do.
Zuckerberg is said to be worth approximately $100 billion (£76 billion), whereas Bezos is said to be worth $178 billion and is the world’s richest man.
Google’s co-founders, Larry Page and Sergey Brin, who stepped down from their executive roles in December 2019, are worth about $71.7 billion and $69.5 billion, respectively.
Cook’s elevation to the billionaire club is rare, as he is not actually a founder of a tech company, CNN reported.
Also, he only directly owns “about 0.02 percent of Apple shares, worth around $375 million,” according to Bloomberg Billionaires.
Cook owns 847,969 shares in Apple.
Last year, Cook’s annual base salary was $3 million, according to a proxy filing made by Apple, but he took home more than $125m (£96m) last year as part of his pay package.
Quiz: How well do you know Apple?
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