Everything is worth exactly what someone else is willing to pay for it, nothing more, and certainly nothing less. That goes for real estate, cars, boat, airplanes, job classifications, movie stars, art work, buildings, and all other needs for human talent from part-time janitors to CEO’s. If you are trying to sell a car for, say, $10,000 and no one is willing to pay that for it, that means it is worth more to you than anyone else. Someone, in Tim’s case the Apple Board of Directors, is clearly willing to pay him this amount for both what they believe his services are worth as well as reward for his accomplishments meeting goals. The value other entities like you and me place on Tim and his compensation are noted, but irrelevant.