Monday 30 March 2015

Tim Cook Vows To Give Away His $785m Fortune

After paying for his 10-year-old nephew's education, the Apple chief executive will give away his entire fortune before he dies.
Apple CEO Tim Cook holds the new iPad AirHe told Fortune magazine that he would fund his 10-year-old nephew's education then give his wealth to charity.
Two of the causes that are close to his heart are HIV/Aids prevention and treatment, and climate change.
He told the magazine that he has already started to donate money quietly.
"You want to be the pebble in the pond that creates the ripples for change," he said.
His net worth is about $120m (£80.5m), and he holds restricted stock in Apple worth $665m (£446m) if it is fully vested.
The 54-year-old will follow in the footsteps of other wealthy entrepreneurs - including financier Warren Buffet, Bill Gates, and Mark Zuckerberg who have all pledged to give away at least half of their net worth in their lifetimes.
In the wide-ranging interview, he described his recent decision to announce he was gay as a "yawner".
The intensely private executive said: "To be honest, if I would not have come to the conclusion that it would likely help other people, I would have never done it.
"There's no joy in me putting my life in view."
He also warned investors that Apple planned for long-term success rather than short-term gains.
"The kind of investors we seek are long term because that’s how we make our decisions.
"If you're a short-term investor, obviously you've got the right to buy the stock and trade it the way you want. It's your decision.
"But I want everybody to know that's not how we run the company."

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