Tim Cook plans to donate his fortune to charity

Illustrated rainbow pride flag on a pink background.

Out Apple CEO Tim Cook has said he plans to donate his multi-million dollar fortune to charity.

Tim Cook, who was paid $9.2 million (£6.3 million) at Apple last year, says he plans to pay for his nephew’s college education, and then donate the rest of his money to charity. His net worth is approaching a billion dollars.

In an interview with Fortune, Mr Cook said he had already been donating money regularly, but wanted to start making more organised and specific donations. He said: “You want to be the pebble in the pond that creates the ripple for change.” He joins other famous philanthropists including Bill Gates and Warren Buffet, who have pledged to donate the majority of their fortunes.

Mr Cook spoke publicly about his sexuality in October last year, making him the only openly gay CEO of a Fortune 500 company. He described the announcement as a “yawner” for Apple staff who had already been aware of his sexuality. On his decision to come out publicly, he said: “To be honest, if I would not have come to the conclusion that it would likely help other people, I would have never done it. There’s no joy in me putting my life in view.”

In December, he donated a “substantial” but undisclosed amount to the Human Rights Campaign to promote gay rights in Mississippi, Arkansas and Alabama.

In February he spoke out about the erosion of online privacy and the effect this could have on gay people.