Apple chief to give away fortune

Apple chief to give away fortune

Apple chief executive Tim Cook has joined a list of tycoons promising to give away most of the wealth that they amass during their careers.

Mr Cook mentioned his intentions in a story released by Fortune magazine. After paying for the college education of his 10-year-old nephew, Cook says he will donate the rest of his money to philanthropic causes.

The charitable commitment echoes pledges made by other executives richer than the 54-year-old.

Microsoft founder Bill Gates and Berkshire Hathaway chief executive Warren Buffett are among dozens of wealthy people planning to give away their fortunes.

Most of Mr Cook’s wealth is tied up in an Apple stock grant he received in 2011 when he succeeded Steve Jobs as Apple’s chief executive. That grant is currently worth about 860 million dollars (£570 million).

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