Apple CEO Tim Cook Plans to Donate His Fortune to Charity

Apple (NASDAQ:AAPL) CEO Tim Cook has announced plans to donate all of his fortune to charity.

Source: Apple

Tim Cook plans to use part of his fortune to pay for his nephew’s college education, but after that the rest will be given to charities. The Apple CEO has a annual salary of $9.2 million and $145 million worth of vested stock options. He’s also lined up for another $536 million in stock awards, reports CNN Money.

Tim Cook became the CEO of Apple in 2011 when founder Steve Jobs resigned. He won’t be giving his fortune to The Giving Pledge, which was launched in 2010 by Berkshire Hathaway’s (NYSE:BRK.A,NYSE:BRK.B) Warren Buffett and Microsoft’s (NASDAQ:MSFT) Bill Gates. The Giving Plesge is a charity that many billionaire have given to, including Bloomberg L.P.’s Michael Bloomberg and Facebook’s (NASDAQ:FB) Mark Zuckerberg, CNN Money notes.

Tim Cook told Fortune that he’s already started to quietly give away small parts of his fortune. He also said that he wants to develop a more systematic approach to charity than just writing checks with his name on them.

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