Apple' CEO donating wealth to charity

Apple's Chief Executive Tim Cook has said he plans to eventually give away most of his money, joining a rising tide of super rich turning to philantropy as an ethcial way to leverage their huge fortunes.

Cook made the revelation in a profile in "Fortune" magazine on Friday, which estimates his net worth based on holdings in Apple stock at $120 million (110.9 million euros). He also holds restricted stock in Apple worth another $665 million if it were fully vested.

Systematic approach

The magazine reported that Cook had already started donating money discreetly, and that he eventually planned to develop a systematic approach to philanthropy.

Billionaire investor Warren Buffet and Bill Gates of Microsoft announced a scheme in 2010 called the "Giving Pledge" which asks billionaires to donate at least half of their wealth to charity, during their lifetimes, or beyond. The website claims 128 people had signed up as of three months ago, among them Mark Zuckerberg of Facebook , Oracle's Larry Ellison, and Hasso Plattner of German software giant SAP. Cook is not among the group though.

In the public eye

The 54-year old Cook is rapidly coming into the public eye as the successor to Apple's founder Steve Jobs. In October he revealed that he was gay, becoming the first openly homosexual CEO leading a Fortune 500 company. He has since spoken out on a range of social issues including education, women in the workplace, human rights and immigration reform.

At the same time, stock prices at Apple have skyrocketed under his leadership. Market capitalisation has soared to over $700 billion, making Apple the world's largest technology corporation.

kc/uhe (Reuters, dpa)