“Finding billionaires in Silicon Valley isn’t hard,” Tom Metcalf and Anders Melin report for Bloomberg. “But tracking down members of the three-comma club at Apple Inc. is a less fruitful endeavor, even though the iPhone-maker is the world’s most valuable company, with a market capitalization of $879 billion.”
“Chairman Art Levinson is the only insider to make the cut, and Apple stock accounts for just 20 percent of his $1 billion fortune, according to regulatory filings. The rest comes from his long tenure at Genentech Inc., where he was chairman and chief executive officer, and an early stake in Google Inc.,” Metcalf and Melin report. “CEO Tim Cook has a $600 million fortune, which reflects a pay program that’s restrained relative to the company’s size and performance… Cook’s deputies each have annual target compensation of about $23 million, most of it in restricted stock.”
Steve Jobs’ “widow Laurene Powell Jobs, an entrepreneur and founder of Emerson Collective, is the sole Apple representative on the wealth ranking,” Metcalf and Melin report. “She’s worth $18 billion with two-thirds of her wealth in Walt Disney Co. and other holdings. She doesn’t work at Apple.”
“Apple co-founder Steve Wozniak held a 7.9 percent stake in 1980, which shrank over time as he sold options at low prices to mid-level employees and gifted shares to those he felt had been shortchanged. His current stake isn’t a matter of public record because only corporate insiders or shareholders with stakes exceeding 5 percent are required to report their interests. But Wozniak’s stake is thought to be in the millions rather than billions,” Metcalf and Melin report. “‘Ownership is not something I think about,’ Wozniak said in an email.”
Read more in the full article here.
MacDailyNews Take: Translation: “We’re not wildly overpaid even though we can’t ship or update core products anywhere close to on time. Others are much more wildly overpaid elsewhere. Look over there! Nothing to see here, move along. Give it to Bloomberg, they’ll print it if they want our planned leaks to them to continue.”
Or perhaps we’re reading it all wrong. What’s your take on why this article exists?
SEE ALSO:
Why can’t Apple keep their products up-to-date? – April 10, 2018
Why is it taking Apple so long to update the Mac Pro? – April 10, 2018
Apple’s latest announcements about the modular Mac Pro really ramp up expectations – April 6, 2018
Apple needs to stop promising new products and start delivering them – April 6, 2018
Apple: No new Mac Pro until 2019 – April 5, 2018
Apple reiterates they’re working on an all-new modular, upgradeable Mac Pro and a high-end pro display – December 14, 2017
Why Apple’s promise of a new ‘modular’ Mac Pro matters so much – April 6, 2017
Apple’s cheese grater Mac Pro was flexible, expandable, and powerful – imagine that – April 6, 2017
More about Apple’s Mac Pro – April 6, 2017
Apple’s desperate Mac Pro damage control message hints at a confused, divided company – April 6, 2017
Who has taken over at Apple? – April 5, 2017
Apple’s embarrassing Mac Pro mea culpa – April 4, 2017
Who’s going to buy a Mac Pro now? – April 4, 2017
Mac Pro: Why did it take Apple so long to wake up? – April 4, 2017
Apple sorry for what happened with the Mac Pro over the last 3+ years – namely, nothing – April 4, 2017
Apple to unveil ‘iMac Pro’ later this year; rethought, modular Mac Pro and Apple pro displays in the pipeline – April 4, 2017
Apple’s apparent antipathy towards the Mac prompts calls for macOS licensing – March 27, 2017
Why Apple’s new Mac Pro might never arrive – March 10, 2017
Dare we hold out hope for the Mac Pro? – March 1, 2017
Apple CEO Cook pledges support to pro users, says ‘we don’t like politics’ at Apple’s annual shareholders meeting – February 28, 2017
Yes, I just bought a ‘new’ Mac Pro (released on December 19, 2013 and never updated) – January 4, 2017
Attention, Tim Cook! Apple isn’t firing on all cylinders and you need to fix it – January 4, 2017
No, Apple, do not simplify, get better – December 23, 2016
Rare video shows Steve Jobs warning Apple to focus less on profits and more on great products – December 23, 2016
Marco Arment: Apple’s Mac Pro is ‘very likely dead’ – December 20, 2016
How Tim Cook’s Apple alienated Mac loyalists – December 20, 2016
Apple’s not very good, really quite poor 2016 – December 19, 2016
Apple’s software has been anything but ‘magical’ lately – December 19, 2016
Lazy Apple. It’s not hard to imagine Steve Jobs asking, ‘What have you been doing for the last four years?’ – December 9, 2016
Rush Limbaugh: Is Apple losing their edge? – December 9, 2016
AirPods: MIA for the holidays; delayed product damages Apple’s credibility, stokes customer frustration – December 9, 2016
Apple may have finally gotten too big for its unusual corporate structure – November 28, 2016
Apple has no idea what they’re doing in the TV space, and it’s embarrassing – November 3, 2016
Apple’s disgracefully outdated, utterly mismanaged Mac lineup is killing sales – October 13, 2016
Apple takes its eye off the ball: Why users are complaining about Apple’s software – February 9, 2016
Open letter to Tim Cook: Apple needs to do better – January 5, 2015
I don’t understand all this management pay scheme, but I am aware that most corporate billionaires got that way with stock options and other stock incentives.
Given that this is most potent early on, and Jobs was a well documented stock miser, could it be that Apple has been stock incentive stingy?
No, MDN, you’re not misreading anything. Your translation is perfect.
Who cares? I wan’t an updated Mac Mini!!!
Can’t one billionaire make that happen?
You’re not going to get the Mac Mini you want. You’re going to get some expensive non-upgradeable Mac Mini Apple wants you to have. I’ll probably end up buying any Mac Mini that supports 4K at 60fps even if it isn’t upgradeable. Apple doesn’t care about what I want, so I’ve decided to put up with what Apple gives me.
That explains why Eddy Cue is not doing much now days, apart from riding the Apple gravy train
Why does any article on an advertising sponsored exist? For people to be intrigued by the headline and click through.
That’s actually quite wrong, which makes you very aptly-named.
Apple was founded in 1976- not 2006. Makes a big difference.
Apple seems to be sitting comfortably on billions of dollars that isn’t being accessed for anything worthwhile.
Surely part of the difference is that Apple is a much older company than something like Facebook. Steve Jobs was involved (pretty much) all the way through to the current tech boom and how wife now has $18b. Someone like Zuckerberg had a huge stake when the company went public recently and therefore has billions. Apple’s shares have been diluted amongst multiple parties over the years. Another difference is that Tim Cook for example didn’t form the company and is *just* an employee. Even when you compare Apple to say Microsoft they became massive at different points. Perhaps Apple execs get recompensed less, but there’s more to it.
If Steve had kept his shares the first time around, he would have been worth over 60 billion.
One more billion and I’ll be there.
Touche!