Tim Cook is now worth a billion, reports dodgy blog

From "Tyler Durden"'s "Apple's Tim Cook Officially A Billionaire After Massive Windfall In 2021" posted Friday on Zero Hedge:

Just days after becoming the first publicly-traded company to see its valuation cross the $3 trillion mark, Apple released its proxy statement ahead of its annual meeting, which is set for early March, which offered some interesting insights about its executive compensation.

The statement revealed that thanks to his stock-based compensation, Apple CEO Tim Cook earned nearly $100M during 2021, which is more than 1,400x the median pay at Apple (in 2021, median pay rose to $68,254, up from $57,783 during the prior year. Apple said the change was due to changes in hiring and compensation).

The massive payday helped push Cook's net worth past the $1 billion mark. Here's the breakdown, courtesy of Reuters.

My take: Is this a big deal? In Forbes' list of billionaires -- the one headed by Jeff Bezos at $177 billion -- Cook will now come in somewhere around 2,500th.

So why post this item? So you'll consider the source. I've seen enough of Zero Hedge on Twitter to know that its mission is to stir things up.

From the Wikipedia entry for founder Daniel Ivandjiiski:

In July 2001, he joined New York investment bank, Jefferies & Co. He passed his securities exams in November 2001 (Series 7 and Series 63). In October 2004, he joined Los Angeles-based investment bank Imperial Capital LLC, before moving back to New York in May 2005 to join investment bank Miller Buckfire LLC.

While at Miller Buckfire, Ivandjiiski was charged by FINRA of gaining US$780 [!] from an insider trade on 14–15 March 2006. On 3 September 2008, FINRA reached their decision, published on 11 September 2008, that Daniel K. Ivandjiiski was to be barred from acting as a broker or otherwise associating with a broker-dealer firm, and from being a FINRA member. Ivandjiiski had not turned 30 at that time, and did not appeal the FINRA decision.

In September 2007, before the FINRA ruling, Ivandjiiski moved to the Connecticut-based hedge fund Wexford Capital LLC, run by former Goldman Sachs traders. After the FINRA ruling, Ivandjiiski left Wexford Capital, and within a few weeks posted his first blog on the Zero Hedge site at 4 pm on 9 January 2009.

Ivandjiiski decided that he, and all other Zero Hedge contributors, would blog under the collective pseudonym "Tyler Durden" (a character from the book Fight Club). Zero Hedge was immediately popular, growing its traffic of monthly user sessions to over 1 million in its first year (by 2018 it would be over 40 million monthly user sessions, and ranked as the 507th largest website in the U.S.). In March 2011, Time magazine ranked Zero Hedge as 9th in its 25 Best Financial Blogs.

And from Wikipedia on Zero Hedge:

Over time, Zero Hedge expanded into non-financial analysis, including conspiracy theories and fringe rhetoric associated with the US radical right, the alt-right, and a pro-Russian bias. Zero Hedge's non-financial commentary has led to a number of site bans by various global social media platforms, although its 2019 Facebook ban and 2020 Twitter ban were later reversed.

5 Comments

  1. Romeo A Esparrago Jr said:
    Tim’s worth to me is priceless.

    5
    January 8, 2022
  2. Quick private window glimpse tells me 0 is about what the site is worth. Never landed on it before, blocked now. Thanks for the heads up.
    The subject of CEO pay endures. I had the pleasure of tutoring residents in the front office of major corporations and getting hired by them to train employees. Each brilliant, previously successful and typically laser-focused, you don’t get the top jobs any other way. Work crazy hours, travel 1/2 the year. A few failed while I knew them. They still get hired for CEO again, like good movie directors after a box-office bomb. They take the same crew with them to each job. Good ones are worth every penny.
    In Japan, Korea and Europe senior executives appear to be paid less but sometimes given incredible benefits like homes in multiple cities, concubines, gambling debts paid, deferred compensation (you don’t know they made a boatload until they retire). Old families often get most of the profits, holding private shares.
    I still see the same financial hijinks, if not more the further east I go in Europe. The whole debacle with Carlos Ghosn reveals Japan’s approach to successful turnaround CEOs.
    When I see a less-than-forthright CEO get paid a previously-contracted large sum for failing I expect clawbacks. When a dynamic front & center CEO leads the largest firm (by market cap) to record profits through 2 Pandemic-laced years I can clearly see he earned it. Call it a form of combat pay if you need to.

    2
    January 8, 2022
  3. Ken Cheng said:
    But he said, “officially”!

    0
    January 8, 2022
  4. Robert Paul Leitao said:
    Congratulations to Tim Cook! During his tenure at Apple, he’s assisted in raising Apple’s market cap by close to 3,000 billion or close to $3 trillion dollars. He’s earned his keep and in aggregate shareholders have made exponential more than he has taken home. Next topic, please.

    3
    January 8, 2022
  5. Kirk DeBernardi said:
    Uhhh…why give this guy any air?

    You’ve smoked a rat out of his rathole.

    Move along. Next.

    2
    January 9, 2022

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