Apple chief Tim Cook becomes a billionaire after increase in profit

Komal FatimaWeb Editor

11th Aug, 2020. 11:03 am
Apple chief Tim Cook joins billionaires club after increase in profit

Apple chief executive Tim Cook gets huge success as he became a billionaire after the firm’s share price continues to increase.

Apple’s market value has been increased, strong results were witnessed.

According to the international news agency, Mr. Cook possesses 847,969 shares directly and took home more than $125m (£96m) last year as part of his pay package.

The tech giant is likely to become the first company to be valued at $2tn. It was the first company to be valued at $1tn two years ago.

Coronavirus pandemic has influenced several businesses around the globe. However, technology firms such as Apple, Facebook, and

Amazon have witnessed an increase in profits during the pandemic as more people used the applications.

Facebook leader Mark Zuckerberg witnessed an increase in his personal wealth to $100bn (£76bn).

Mr. Cook became took the charge from Steve Jobs nine years ago. According to the international news agency. His billionaire status comprises of the shares he possesses and the compensation he has been paid at Apple, and calculated by the Bloomberg Billionaires Index.

He has already donated millions of dollars worth of Apple shares in 2015.

On the other hand, facebook rolled out its own version of social media rival TikTok in the United States and more than 50 other countries on Wednesday, embedding a new short-form video service called Reels as a feature within its popular Instagram app.

The launch of Reels increased Facebook shares by more than 6% making Mark Zuckerberg who owns a 13% stake in the company the new member of the exclusive ‘Centibillionaire Club’ alongside Amazon founder Jeff Bezos and Microsoft’s Bill Gates.

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