TECH NEWS – Tim Cook can now safely be called a billionaire (and not in a weak currency…), despite taking a 40% pay cut from the Cupertino-based tech company this year.

Following in the footsteps of the legendary Steve Jobs is anything but easy. Cook is now worth an estimated $2 billion, and he owns some shares in the company, which will give the CEO a further boost to his fortune. Forbes has updated its statistics, and from this we learned that Tim Cook has already become such a valuable person, but this doesn’t mean much because there are a lot of rich people in the world, so he is only ranked 1583rd with his wealth. (The Hungarian one-man government, or Dear Leader, is certainly way ahead…) His other assets include about 3.3 million Apple shares, worth nearly $652 million at the company’s current value. Last year, Cook received about $100 million in compensation, but that was pretty upsetting…

In 2023, there will have been a lot of layoffs at Apple (as well as at Microsoft, Google, Amazon, and others, most of which we reported on earlier this year), resulting in thousands of people being laid off from the Cupertino company. And Cook thought he was taking his share of the blame, so he cut his salary by 40%, bringing his 2023 compensation to about $49 million (including stock options), while saying that layoffs are a last resort for him, but meanwhile Apple has not been aggressive enough in hiring new people.

Although the company’s earnings have fallen by about 3% from one fiscal year to the next, Apple is now worth more than $3 trillion and could be worth $4 trillion by the end of 2024. So the company thanks you, it’s doing well…

Source: WCCFTech