Apple’s CEO Tim Cook has finally reached billionaire status as the tech company’s value nears $2trillion.
The businessman’s net worth surpassed $1billion, according to the Bloomberg Billionaires Index.
Cook has been the CEO of Apple for nine years after the company’s founder, Steve Jobs stepped down.
Under Cook’s leadership, Apple has become more valuable than ever with a market value of nearly $2trillion after the company’s share price rose almost 5 per cent last week.
To put that in perspective, Apple was valued at $350billion when Jobs died.
According to Bloomberg, the majority of Cook’s wealth has come from equity awards he’s received since joining Apple in 1998.
When he became CEO in 2011, Cook received a large award of restricted shares and has been receiving annual increments from the equity.
Cook will also receive his ninth payout from the award, which consists of 560,000 shares, toward the end of August.
Cook has previously said that he plans to give most of his fortune away and has already gifted million of dollars worth of Apple shares, according to Bloomberg.
And while Cook has hit billionaire status, his fortune pales in comparison to his tech counterparts like Amazon’s Jeff Bezos, who is the richest man in the world with a net worth of $186billion.
Bezos is followed by Microsoft co-founder Bill Gates at $121billion and Facebook’s Mark Zuckerberg, 36, at $102billion.
Zuckerberg’s net worth surpassed $100billion for the first time on Thursday after the company released its TikTok competitor, Reels.
Optimism in Facebook hit record levels following the release of the new Instagram feature which comes as TikTok faces a possible ban in the US as the Trump administration cracks down on China.
Zuckerberg, Bezos and Gates are the only people in the world who currently have centibillionaire status (worth over $100bn), according to the Bloomberg Billionaires Index.