Apple CEO Tim Cook to Receive Stock Options Worth 330.4 Billion KRW

▲Tim Cook Apple CEO [Image source=Reuters News Agency]

[Asia Economy Reporter Kwon Jae-hee] Apple CEO Tim Cook is set to receive 560,000 shares of Apple stock as part of his stock options this year, Bloomberg reported on the 24th (local time).

As of the 21st, the total value amounts to approximately $278.6 million (about 330.4 billion KRW).

This stock option grant was awarded to Tim Cook when he became CEO, following Steve Jobs, the founder and former CEO, nine years ago.

Apple's stock price has steadily risen since the Q2 earnings announcement and stock split announcement at the end of July, pushing its market capitalization beyond $2 trillion.

According to Bloomberg's Billionaires Index, CEO Cook joined the billionaire ranks this month as the first professional manager?not a founder?to surpass $1 billion (about 1.2 trillion KRW) in net worth due to Apple's stock price increase. Most of Cook's wealth comes from the stock options he has received since joining Apple in 1998.

Bloomberg reported that billionaire entrepreneurs such as Jeff Bezos, Amazon CEO; Mark Zuckerberg, Facebook CEO; and Elon Musk, Tesla CEO, are mostly founders, making it highly unusual for a professional manager like Tim Cook to have a net worth exceeding $1 billion.

CEO Cook announced in 2015 his intention to donate his entire wealth to society. He has already donated Apple shares worth millions of dollars, and Bloomberg noted that including undisclosed donations, his net worth could be even lower.

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