Apple’s secret new iPhone just made this 86-year-old a billionaire

“The chairman of the world’s largest contract chipmaker has become a billionaire thanks to expected demand for Apple Inc.’s new iPhone,” Venus Feng reports for Bloomberg.

“Taiwan Semiconductor Manufacturing Co. (TSMC) shares have surged 27 percent in the past year, lifting founder and Chairman Morris Chang’s personal fortune to $1 billion, according to the Bloomberg Billionaires Index,” Feng reports. “Chang, 86, owns 0.5 percent of the business directly and through his family, according to a May 2017 filing to the Taiwan Stock Exchange.”

“TSMC’s market cap has swelled to $183 billion, making it the most valuable company on Taiwan’s stock exchange,” Feng reports. “Hon Hai Precision Industry Co., the listed flagship of iPhone assembler Foxconn Technology Group, is the second-most valuable company on the exchange, rising 52 percent in the past year to $66 billion.”

Chang, a “graduate of Massachusetts Institute of Technology and Stanford University spent the majority of his career working for Texas Instruments Inc.,” Feng reports. “He established TSMC when he was in his mid-50s, where he became the first to build a semiconductor factory that made chips based on the designs of its customers.”

Read more in the full article here.

MacDailyNews Take: A rising tide lifts all boats.

8 Comments

  1. A rising tide can inundate the shore.

    But, no, a rising Apple tide of good IP, patents, and resulting products attracts thieves such as Samsung and Google who steal with impunity and US courts let them get away with it because, you know, corporate globalization.

    And a rising tide on Wall St. does not lift boats on Main St., hence the growing disparity and, taken together with the disastrous failure of Obamacare, there is the strong unselfish call for Single Payer.

      1. People obviously find my statement disagreeable and I wonder why. Is “main street” welfare level, or those paid minimum wage equivalent?. Maybe as culture’s expectations lower, I should start to consider myself upper middle class? Maybe I need to think about my own kingdom?

        1. I guess some just don’t want to hear that Wall St is not all greed and debasement. It’s a place to take part in the world of commerce. If you are smart and diligent, you can prosper, take care of yourself, take care of your family, and have a little left over to take care of others. Wall St has helped my money grow, which it would not do in a bank, or stuffed in my mattress.

          What some people fail to grasp is that Wall St represent only opportunity. Nothing else. If your boss doesn’t pay you enough to cover your rent, don’t blame Wall St. Look elsewhere (usually a mirror works best).

          1. Spark: As I thought about it later, your last 2 sentences sum it well. People see the Wall St peeps raking it in and they want some. I’ve come to call it the “auto-share” mentality in the sense people see someone else’s robust wallet and it’s seen as unfair and the observer deserves a piece. Kind of like me right now as I head over to take my neighbor’s patio furniture, b/c it’s so much nicer than what I own.

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