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Apple Inc Chief Executive, Tim Cook has planned to endow his estimated $785 million fortune to charity, after paying some portion for his 10-year-old nephew’s college education.
The announcement was made by Fortune magazine which has estimated Cook’s net worth at about $120 million based on his share in Apple stock. He also holds restricted stock worth $665 million, if it were to be fully vested.
With this highest act of philanthropy, Tim Cook will join the rota of the very rich who are giving away their wealth.
"You want to be the pebble in the pond that creates the ripples for change," Cook told the magazine.
Though Cook’s generosity cannot match to the scale of Gates or Zuckerberg who are worth of billions of dollars, the Apple CEO told Fortune he hope to make a difference.
Cook who is known as an intensely private person, spoke out openly about issues ranging from the environment to civil rights in recent years.
Cook, who recently revealed his gay status, even spoke out against discrimination of the lesbian, gay, bisexual and transsexual communities during his induction into the Alabama Academy of Honor last year.
He told Fortune that he has started donating money to some unspecified causes and is trying to develop a more systematic approach to charity that goes beyond writing cheques.
-Smrutirekha
