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Apple CEO donates US$5 million to charity

Apple CEO, Tim Cook, has donated a further $5 million to charity, and will not be stopping there

Apple CEO, Tim Cook, has given almost US$5 million worth of shares to charity, in a move to donate his entire fortune to the community.

A recent SEC filing showed that the CEO gave 23,215 Apple shares to an unspecified charity. At the current Apple trading price, that is worth almost US$5 million. Cook has already donated much of his fortune, and plans to with the rest of his shares.

In the past, Cook’s charitable donations have included gifting funds to the Robert F. Kennedy Centre for Justice & Human Rights and the Human Rights Campaign. He has also donated an undisclosed amount to support gay rights in Alabama, in addition to making other multimillion dollar sums to other unspecified charities.

Despite the push towards charity, Cook is yet to set up an official charitable foundation as part of Apple, although the company has donated to social projects in the past.

In a 2017 interview, Cook said: “I looked at in early 2012. And I decided not to do it.

“When a company sets up a foundation, there is a risk, in my judgement, of the foundation becoming this other thing that is not connected to the company. It has a separate board of directors. They make reasonably independent decisions sometimes.

“It becomes a separate thing. I don’t want that for Apple. I want everybody involved. Because I think that the power that we bring, the things that we can do is because we’re stronger – it’s with our unity there. It’s when we put all of ourselves in it.”

Cook revealed his plans to give away his fortune in a 2015 interview with Fortune.

In the interview, he said that he had already begun donating quietly but plans to take time to develop a systematic approach rather than writing cheques.

Cook is also currently in control of 878,425 Apple shares, worth US$188,896,512. That is in addition to the shares he is likely to be awarded, which has not vested yet, and would assumedly be donated to charitable organisations during the course of his life.

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