Date
20 November 2017
Tim Cook says he has been trying to develop a more systematic approach to philanthropy that goes beyond writing checks. Photo: Reuters
Tim Cook says he has been trying to develop a more systematic approach to philanthropy that goes beyond writing checks. Photo: Reuters

Apple boss Tim Cook to donate fortune to charity

When his time comes, Tim Cook will go literally penniless.

Steve Jobs’s successor as Apple chief executive plans to will his entire fortune to charity, keeping just enough of it to ensure his 10-year-old nephew goes to college and graduates, according to Reuters.

That wealth, now worth an estimated US$785 million in cash, stocks and other assets, is likely to break US$1 billion by the time Cook dies. He is 54.

“You want to be the pebble in the pond that creates the ripples for change,” Cook told Forbes. 

Cook’s largesse is nowhere near the fortunes of Bill Gates or Mark Zuckerberg but Cook said he hopes his money will make a difference.

Cook is known as an intensely private person who shuns the spotlight on philanthropy.

In recent years, however, he has begun speaking out more openly about issues ranging from the environment to civil rights.

He recently revealed he is gay and spoke out against sex discrimination during his induction into the Alabama Academy of Honor last year.

Cook said he has been quietly donating money to unspecified causes and is trying to develop a more “systematic approach” to philanthropy that goes beyond writing checks.

When Jobs died, his widow inherited his fortune, estimated at US$8 billion at the time.

Laurene Powell Jobs is worth US$19.5 billion today, the 45th richest person in the world, according to Forbes.

Billionaire investor Warren Buffett is encouraging the very wealthy to give away at least half their worth in their lifetimes through Giving Pledge, a philanthropic campaign backed by Gates, Zuckerberg and Oracle Corp.’s Larry Ellison.

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