Nine years after Steve Jobs stepped down and thrust Tim Cook to the top of Apple Inc., the company is more valuable than ever and so is Cook. Last week, Apple’s share price rose almost five percent, leaving the company on the cusp of stock-market milestone – a market value of nearly $2 trillion. It was valued at about $350 billion when Jobs died. Cook, meantime, has joined one of the most elite clubs for CEOs who didn't actually found the companies they run: his net worth has eclipsed $1 billion.

Cook’s net worth estimate is based on an analysis of regulatory filings and applying the market performance of a typical wealthy investor to his proceeds from share sales. Cook said in 2015 that he plans to give most of his fortune away and has already gifted million of dollars worth of Apple shares. His wealth could be lower if he’s made other undisclosed charitable gifts. “This tech cycle has been way bigger and longer than I thought,” asserts Hussein Kanji, Partner, Hoxton Ventures who expressed caution about Apple's long-term outlook after Jobs left the company. “Out of all these stocks, Apple has become the greatest cash generation machine in history”.

Cook has joined one of the most elite clubs for CEOs who didn't actually found the companies they run: his net worth has eclipsed $1 billion

Apple’s market value and Cook’s riches reflect the rise of the FAANG stocks, a phrase that didn't even exist in the Jobs era. It also comes as Cook and his fellow Big Tech CEOs – Jeff Bezos of Amazon.com Inc., Sundar Pichai of Alphabet Inc. and Mark Zuckerberg of Facebook Inc. – face antitrust investigations into what their critics characterize as monopolistic powers. While Bezos and Zuckerberg have huge stakes in the companies they founded, Cook’s path to the 10-figure-club was more incremental. The vast majority of his estimated wealth comes from equity awards he’s received since joining Apple in 1998, where he has drawn plaudits for mastering the company’s complex supply chain.

He got a massive award of restricted shares on his first day as CEO. The equity has paid out in annual increments, with part of them contingent on Apple's stock outperforming at least two-thirds of firms in the S&P 500. Barring a sudden drop in Apple’s stock price, Cook is poised to receive his ninth payout from the award, consisting of 560,000 shares, later.
Around half of those will likely be withheld for taxes but the remainder should boost Cook’s fortune by another $100 million. He currently owns 847,969 shares directly, or about 0.02 per cent of Apple shares, worth around $375 million. Proceeds from previous share sales, dividends and other compensation add another $650 million to his net worth.