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Tim Cook to Receive $750 Million Worth of Apple's Stock This Week
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Strange - didn't originally show up in my browser (maybe because I'm running various script blockers)?
My point remains though - what a company reimbursement is and whether that is related to "hard work" are two different issues. I responded to the "hard work" part and stand by my argument that it's hard to justify 750M in stock based on "hard work".
He is an incredibly talented accountant...
I’m not envious of anyone earning anything. So long as they pay the same percentage of their earnings in tax as I do. Deal?
I disagree with that first statement: I know that I am not envious of Tim Cook. I would not want $750M: despite all his money, all his success, Steve Jobs died at a younger age than my father.
The things I want in life are happiness: from personal pride in my achievements and from my fellow human being's love.
Money is a poor proxy for those.
I mean, he's the top executive in one of the largest, most influential public technology companies in the world. Tying the bulk of his compensation in stock vesting is both common and smart for the company; stock is performing well, he's compensated accordingly. Many large companies do this same thing, almost every major brand -- go look at the astonishing amount of compensation that has went to Elon Musk over the last couple years for a real surprise.
Now, that's not to say it should or shouldn't be that way, but it's just not strange or uncommon.
Now, that's not to say it should or shouldn't be that way, but it's just not strange or uncommon.
Yet there can only be one CEO, so not sure how many qualified candidates there may be is relevant to anything. Should Tim's compensation be reduced by a certain amount for every qualified candidate that exists? That makes little sense, and I know nobody here would take that attitude about THEIR job, LOL!
Seems to me like a government-mandated pay cap would be antithetical to capitalism. I can understand minimum wage, as it prevents employers from taking advantage of people, but obviously that's not a risk on the other end of the stick.
I'm not arguing that money should be anyone's source of happiness, so I'm not sure why you're posting this. And Steve Job's wealth had nothing to do with his death. Money is not evil or harmful. It's what you do with it or how you perceive it that can be. To me, being upset that someone is receiving $750 million in stocks betrays an emotional attachment to money, despite what you say. If you truly didn't care about money, then what someone else makes wouldn't bother you.
oh absolutely. i do think there should be some more progressive legislation around taxing extreme wealth. Taxing equity is not as simple as most people think, though. I think a lot of folks hear "Tim Cook to receive $750m worth of apple stock" and assume we can tax it like it's ordinary income, which it's not. Not to say that it couldn't be done but it's gonna take work (and willing congresspeople) to figure it out.
One really interesting read about extreme wealth is this guy's page on wealth shown to scale.
Wrong. I only care about this article in the context of the the one underneath it that says Apple will increase the price of iPhone 13 because they lost a bit of money with the global pandemic.
Well if Tim Cook isn’t expected to lose any bonus from a global pandemic I’m not subsidising his wealth by paying price increases on Apple products.
Apple can pay Tim by reducing their profits. I won’t pay him. He’s done nothing for me.
He's really turned it around these past couple of years. Apple is starting to feel like Apple again. The past two to three years alone have brought on some of the most radical products under Tim's tenure such a the M1 Chip, 2019 Mac Pro, M1 iMac, 2018 iPad Pro and Magic Keyboard, and AirPods Max. Before that what did he really do? The Apple Watch and AirPods? And don't even get me started on the disaster that is the 2015-2018 MacBooks. Apple is at its best when its product line is strong, and I can confidently say that it's starting to look up again. The redesigned 27 inch iMac and MacBooks should be enough to take Apple's product lineup from strong to amazing. I suppose it's better late than never to start innovating!
I love all the comments from people apparently learning how capitalism works for the very first time.
Tim Cook didn't invent these rules. They're absolutely commonplace with respect to CEO compensation. Under his leadership Apple has grown dramatically in terms of revenue and profits, and that trend shows no sign of changing. He's the head of the company, so he gets the blame when things go bad and gets credit when things go well. The last decade, things have gone exceptionally well for Apple.
I think the system is broken, and people as wealthy as TC aren't taxed enough, particularly their capital gains. But that is a systemic problem. It has nothing to do with Apple or TC in particular.
Tim Cook didn't invent these rules. They're absolutely commonplace with respect to CEO compensation. Under his leadership Apple has grown dramatically in terms of revenue and profits, and that trend shows no sign of changing. He's the head of the company, so he gets the blame when things go bad and gets credit when things go well. The last decade, things have gone exceptionally well for Apple.
I think the system is broken, and people as wealthy as TC aren't taxed enough, particularly their capital gains. But that is a systemic problem. It has nothing to do with Apple or TC in particular.
No problem. I'm sorry if I gave the wrong impression (that "hard work" is the only factor), but I was simply pointing out that it's not as if Tim just sits back with his feet propped on the desk or doing a half-arsed job and still getting hundreds of millions in compensation. He wouldn't survive at Apple doing that. Obviously Apple's worth and his job importance as a major "face" to the company and leadership role are also factors contributing to his much higher pay, not just "hard work."
Is it? Depends on the charity.
Giving a $500m endowment gift to an elite University that already doesn’t use its endowment properly is “giving it to charity” and many people do it that way, instead of, I don’t know, using it for 100s of scholarships per year in perpetuity.
You say "wrong", but then your whole post revolves around money, which proves I'm right
I couldn't care LESS what the CEO of any company is making when I decide whether to purchase a product.
These mega corporations with close ties to governments and approved NGOs are corporatist fascist, not classical capitalism. Silicon Valley does not function as a classical capitalist market in any meaningful way, from the startups to the VCs to the mega companies.
You say "wrong", but then your whole post revolves around money, which proves I'm right
I don’t care what Apple pays Tim Cook. That’s between them. The two articles together make it clear they want ME to pay Tim Cook. No thanks. I’ll avoid Apple until their prices reflect their products not their CEO bonuses.
You say "wrong", but then your whole post revolves around money, which proves I'm right
Tim Cook gets an unnecessary amount of crap, but that kind of money for any CEO is not worth it. How about putting that billion into fixing lingering bugs in MacOS and iOS? The TV app is still complete junk.
usagora: "No, the only thing that's BS is people not admitting they're envious."
me: "I disagree with that first statement:..."
I care about money to the extent that I need a certain amount of it.
Needing something and being jealous of other people having more of it are not the same issue!
People wont understand this because they think one day they will have that money. In reality wealth is just being consolidated and on a daily basis your odds of being that rich are going down. Nobody is envious of being Given 750 Million dollars “not earning it”. People are envious of having food on their damn table, or hey how about being able to buy a house instead of paying rent to some conglomeration that no doubt Tim Cook and others have invested with their ”earned” money that are buying all the property so that the average person will never be able to buy property and have a piece of wealth.
I knew precisely what you were saying you disagreed with, and my point was the only reason to get one's feathers ruffled about what someone else makes (assuming the money is ethically and legally acquired, of course) is because you have some degree of emotional attachment to money and are envious that someone else has a whole lot of it.
