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DUBAI

Tim Cook plans to give away all his wealth

By Svati Kirsten Narula

Unlike his predecessor, Apple’s CEO Tim Cook is publicly committed to both corporate and personal philanthropy. One of the first things he did after being named CEO was start a matching gift program to encourage employees to donate to charitable causes. Within two months Apple and its employees had donated more than $1.3 million.

Since then, Apple employees have been praised for a culture of giving time and money to non-profit organizations near its headquarters in California, and Apple led a prominent fundraising campaign for (RED), a charity fighting HIV and AIDS worldwide.

Now it appears that Cook is going to sign The Giving Pledge, joining a growing list of rich people who have joined Warren Buffett and Bill and Melinda Gates in promising to give away the majority of their personal wealth.

A just-published profile of Cook in Fortune magazine says:

He plans to give away all his wealth, after providing for the college education of his 10-year-old nephew. There should be plenty left over to fund philanthropic projects. Cook’s net worth, based on his holdings of Apple stock, is currently about $120 million. He also holds restricted stock worth $665 million if it were to be fully vested. Cook says that he has already begun donating money quietly, but that he plans to take time to develop a systematic approach to philanthropy rather than simply writing checks.

Though he has less to give than some other heavy-hitting philanthropists in tech, Cook’s willingness to enlist Apple’s assets for the benefit of charitable causes adds heft to his personal commitment.