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Tim Cook joins philanthropy bandwagon, will give away all his money: Fortune

Fortune magazine cited Cook as saying he planned to donate his estimated US $785-million fortune to charity - after paying for his nephew's college education.

Edwin Chan and Ankit Ajmera    San Francisco/Bengaluru     Last Updated: March 27, 2015  | 08:28 IST
Apple CEO Tim Cook
Apple Chief Executive Tim Cook's revelation is an example of the increasingly public philanthropy of the world's richest people. (Photo: Reuters)

Apple Chief Executive Tim Cook is joining the roster of the very rich who are giving away their wealth.

Fortune magazine cited Cook, CEO of the world's largest technology company, as saying he planned to donate his estimated US $785-million fortune to charity - after paying for his 10-year-old nephew's college education.

"You want to be the pebble in the pond that creates the ripples for change," Cook told the magazine.

He told Fortune he has started donating money to unspecified causes quietly and is trying to develop a more "systematic approach" to philanthropy that goes beyond writing checks.

Fortune estimated Cook's net worth, based on his holdings of Apple stock, at about US $120 million. He also holds restricted stock worth US $665 million if it were to be fully vested.

The 54-year-old Apple chief's revelation in Fortune's lengthy profile of him is an example of the increasingly public philanthropy of the world's richest people.

Billionaire financier Warren Buffett is encouraging the very wealthy to give away at least half their worth in their lifetimes through the 'Giving Pledge', whose website lists such luminaries as Microsoft Corp's Bill Gates, Facebook Founder Mark Zuckerberg and Oracle Corp's Larry Ellison.

While Cook's largesse could not begin to approach the scale of a Gates or Zuckerberg, both worth billions of dollars, the Apple CEO told Fortune he hopes to make a difference.

Cook, who is not listed on the website, is known as an intensely private person who shuns the spotlight on philanthropy.

In recent years, however, the CEO has begun speaking out more openly about issues ranging from the environment to civil rights. Cook, who recently revealed he was gay, spoke out against discrimination of the lesbian, gay, bisexual and transsexual communities during his induction into the Alabama Academy of Honor in 2014.

(Reuters)

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