Joining the growing list of rich people including Facebook co-founder Mark Zuckerberg and Microsoft co-founder Bill Gates in ‘The Giving Pledge’, Cook promises to give away his entire fortune to charities, after setting aside money to pay for his 10-year old nephew’s college expenses.
In a story with Fortune magazine, Cook quoted“ You want to be the pebble in the pond that creates the ripple for change”.
Fortune estimated his net worth at US$120 million, based on his ownership of Apple Stock. He also holds restricted stock worth US$665 million if they were to be fully vested.
Cook told Fortune that he had been donating money privately, but now wants to adopt a more systematic approach to donating rather than simply writing cheques.
Although Cook did not specify his targeted cause, Cook has spoken more openly about issues ranging from the environment to civil rights in recent years. The 54-year-old CEO, who recently revealed he was gay, spoke out about discrimination against lesbian, gay, bisexual and transsexual communities at his induction into the Alabama Academy of Honour in 2014.
His pledge comes to no surprise as after being appointed CEO, Cook started a matching gift program that encourages employees to donate to charitable causes. Within two months of the program, Apple and its employees had donated more than US$1.3 million.
Although Tim Cook will have less to give compared to the other philanthropist tech giants, his kindness is demonstrated in his willingness to enlist Apple’s assets for the benefit of charities.