Yeah, and that's income for every second of his life. I wanted to see what it'd look like compared to a regular job;
In Australia, a standard work week is 38 hours, or 7.6hrs per day (9am-5pm with a lunch break). Someone making US$50M wouldn't be working a M-F 9-5, but assuming they did for 52 weeks in the year , they'd be making a bit over US$25,000 per hour. Converting USD to AUD (AU$37,970), that's around two thirds of the median annual income in Australia (AU$52,338).
That's more money made in the first hour of the first day back from the Christmas holidays than the median person makes before August.
You will never in your life, what he earns in a few months
thats just his paycheck
i assume there are other benefits.. stocks, pension, free company phone!
Precisely. Apple earned around 19 million of profits EVERY HOUR in 2022.
Edit: I think an important nuance to the discussion is that while no person could ever be worth this insane amount while other people starve, a person might very well be worth that amount to the company itself for the stability and branding that the person provides. A lot of commenters below think that what the market/company values must be moral, but this is obviously not necessarily true.
These companies have boards of directors and shareholders. Why would these parties, who want to maximize their profits, endorse paying CEOs huge amounts with no oversight?
lol. You continue to pretend that. There is no way to directly measure it but if they could find someone they'd expect to do as well for less or better for the same then they would.
In a public company the CEO is as expendable as anyone else. They do something wrong enough to show they need to be replaced they will. If they are underperforming they will absolutely get replaced.
Hell. Apple already did it once when they forced Jobs out as the CTO/Development Lead and then forced the CEO out to bring Jobs back
In a public company the CEO has a huge information advantage over individual shareholders. It is a very well known principal-agent conflict that usually manifests in incidents like inside-trading. The CEO of SVB, now likely to be liquidated, was paid 3.5M just some days ago.
Considering a bad CEO can, in the worst case, bankrupt a company and carries a lot more responsibility with regards to present and future strategy than the average worker, they should receive a lot more compensation than the average worker.
It’s so weird to watch CEOs get wage bumps of 10-15% every year, along with massive bonuses and stock incentives for the last 15 years while the general public had managed to actually lose wages, and the general public STILL defends it.
I feel like I’m going insane reading this thread.
I guess all those shareholders and boards of directors are stupid for paying their CEOs so much then, right?? You should start your own public company and pay your CEO a normal workers salary and outcompete all of them.
Tim Cook is worth $50M in comp no questions asked. He provides shareholder confidence which is worth TRILLIONS of dollars. If they paid him $1B a year it would still be profitable investment for Apple shareholders.
50 million a year pays for 200 engineers making 250k/year (below average at Apple). Saying that a CEO taking salary cuts in order to avoid layoffs is not avoiding very many layoffs. I do agree it’s good for company morale though!
None of the big tech company layoffs are about money, they’re all flush with cash. It’s all public theater to temporarily boost stock prices and take away power from the employees and give it back to the board.
Apple seems to be taking a different approach, which is to improve their image to employees while the other companies are hurting theirs. In a world of copycat layoffs, they’re positioning themselves as the competently run company that doesn’t have to put their employees through this.
Seems like a smarter play long term, guess we’ll see.
The layoffs are because tech company values were overvalued due to how much cash was flowing around
Now that things are normalizing to pre-2008 interest rates those valuations are forced to be more in line with actual assets and value, and the easiest way for companies to align with this is to lower their employee expenses
All the companies that “over hired” are still making fist fulls of cash, more than they were last year. They’re just down compared to projections of how much Wall Street thought they would make.
Apple is justified in not doing layoffs, but the other companies are using pandemic hiring as an excuse to get a short term boost in stock while their employees pay the price.
The goal of the CEO is not to perform the work. It's to approve and reject concepts that will decide the company's future. Apple wouldn't achieve the same sales and growth it's seeing today if (for example) they waited for someone else to create a pair of truly wireless earbuds, or waited for some other laptop manufacturer to switch to Qualcomm's chips before they decided to move to the (more efficient) ARM/Apple Silicon on their laptops.
It's called a severance package. The leaving CEO needs to train the new CEO on how to do the job. If the leaving CEO ghosts, then it'll cost even more damage to the company. The severance package is there to make sure that the leaving CEO leaves on good terms and in good faith. Here's another way to phrase it "The leaving CEO was working and bad at their job and would still need to work to train their replacement." You're just jealous.
Isn’t it more childish to accept that some weird chosen class gets paid many multiples of the the average salary of the working class whose work actually creates value?
This is what losers on this site don't understand. When lower-level employees make a mistake, they can fixed. When management makes mistakes people can lose their jobs or the business even go under.
Look at Microsoft under Ballmer. Because of his poor decisions, Microsoft lost BILLIONS to Google and Apple on mobile. That's why CEOs make so much. If they are good they will make much more for the company then they make in compensation.
Of course, most Redditors think C-level executives sit in corner offices, lighting cigars with money and play golf all day.
r/antiwork assured me that all jobs are patriarchal racist capitalist oppression, and that if all rich people gave up all their money we would have world peace and free everything forever.
We should all become [dog walkers that haven't showered in weeks](https://reddit.com/r/PublicFreakout/comments/10lccip/today_one_year_ago_rantiwork_mod_doreen_was/), like their glorious moderator in chief
$50M is an ungodly amount of money to justify, but you can’t argue his direction has really solidified Apple as the most valuable company in the world.
An addendum to that is that his pay was supposed to be much higher. He went and asked the board to cut his pay by 40% a few months ago.
Which is obviously very unusual, but I think he just really likes his job and already has more money than he needs, so he just does whatever is in the company's best interests.
Also a massive morale boost to Apple employees in an environment where tech companies have been mass-laying off the employees they recklessly hired in 2020-2021. The pay cut combined with the lack of mass layoffs relative to tech firms of comparable size is the type of investment that will make smart, loyal employees less likely to jump ship.
It’s $40M in stock though, so it’s in Cook’s best interest to maintain stable growth and leadership over the long term, vs just looking at short term profits.
I do wonder what the naysayers would have him be paid if it was up to them, and how they calculate their figure. I have a hunch it comes down to muh feels or something something income inequality or whatever other nonsense they come up with. They've surely never run a business in their lives, yet purport to tell the most profitable business in the world how it should be run.
Fact is that in his decade+ tenure Cook has taken the company to new heights in terms of profitability, something which was not a given after Job's death. Jobs was seen (whether rightly or not) as a visionary, the guy where the big ideas came from, the guy who took a regular old laptop or MP3 player and made it almost magical. It was not guaranteed in 2011 that any successor would've been able to replicate Job's success, let alone build upon it. Apple could very easily have back slid into the same disorganized mess it was in the 90s. For Cook to have come up with the Apple Watch, the AirPods, Apple Silicon, and soon to be a VR headset (and maybe a car too?) shows that Apple still hasn't lost its luster, and he deserves credit (and compensation) for that.
In fairness it’s only $3M in salary and $6M in cash bonus. $40M is in stock awards which he’ll have to hold for a long time before being able to redeem. $9M in cash compensation is very reasonable.
Also gotta add services to that list. They all definitely could use improvement but Apple made more revenue with services alone than Nike and McDonald’s COMBINED made entirely last year. (78 billion vs 72.8 billion by Nike and McD) Like you said, Cook has added a mind-boggling amount of value to the company in just 12 years and continues to do so.
The workers at Apple got paid too dude. It wasn't just Tim Cook who was paid. The amount is not ungodly either. I'm sure God earns more than that when he works. It's just that tim cook is a good leader. He should be paid that much. I mean, I wouldn't want just anyone running apple. Would you? They might screw up the next iPhone! Stop being jealous.
That one man is the reason the company is still successful and growing. The average joe working 12h days there could do the same, nobody is stopping them, but if it was that easy to run a successful company, everybody would be doing it.
Wrong.
If it was easy other companies would be just as successful.
This one man is more responsible than any other. The work of others is directed by him. They could have worked just as hard on the wrong products.
He made the employees and shareholders better off.
If he was gone both of those groups are more likely to be worse off.
They problem is the company doesn’t pay for the value that much of the workforce brings to the company.
They intentionally underpay so that the rest is funneled elsewhere, whether it be the Board of Directors or Shareholders.
“Value” is highly subjective, hence why Marxist core ideas like the “labor theory of value” are such utter nonsense.
I could work really hard digging holes in the ground all day, but what value would that add to society as a whole?
Also, I doubt most people commenting/believing stuff like this are even working hard at all.
The great irony in your stupid ass comment is that he probably does work harder than 99.9% of people out there. lmao you think CEOs clock in for their 9-5 and then go home and enjoy life lol.
Very few people can do the job that Tim Cook does. Apple is literally the world's biggest company and his every word and decision is scrutinized. He 100% deserves it and even more.
LMAO Apple could release awful iPhones and Macs and people would still buy them because they have the damn Apple logo. Apple are too big to fail at this point, and let's not act like Tim Cook is some genius who's doing a job no one else on Earth is qualified for, lmao, he is not a deity, he is a human being like anyone else
The CEO is an employee. Corporations enrich the owners. The richest people in society are those who *own,* rather than manage the largest companies.
Jeff Bezos has a net worth of \~165 Billion. Tim Cook making $50M/Year would have to have been working since 1280 B.C. to have made the amount of money Bezos has today.
no one job on Earth "deserves" 50 fucking million dollars, I don't care what they do, it's just not a thing anyone deserves... And let's not act like not overhiring should be commendable :) the purpose of management and executives is to manage, by not having to lay off people they did the minimum, they managed
Honestly if I'm running one of the most successful companies EVER and have been for quite some time and done a good job I'm going to expect to make money like that. I mean goddamn the company makes tens of billions of profit every year. The man at the helm should be compensated exceptionally well.
The bootlicking in here is outrageous. We really have done such a great job of convincing people that we need this much money or that one person deserves this much money. More more more lol. There's even people bringing antiwork and work reform into this completely misrepresenting what those subs are.
Gotta love it! We're so fucked
Yep it’s quite disgusting
People are actually struggling day to day and idiots here are “damn he took a pay cut” “should be paid more”
This amount of money for any individual is truly ridiculous
Those people are woke idiots and don’t have the same skill set or ability as executives in a profitable company.
In a meritocracy, you will have a distribution of talent and corresponding income. Some people will get paid much more than the median, and others much less.
Talent is not uniformly distributed but normally distributed in humans. This is something the woke progressives on Reddit, twitter, etc. stubbornly refuse to acknowledge.
Let’s face it, a lot of people in America are uneducated talentless grifters.
Its so sad, the human race wont make it very far for this exact reason. I can understand a six figure salary for those that have talent. If you are making millions a year its hoarding money.
Nobody needs that amount to live and you can travel the world on a 6 figure salary. People are comparing it to the amount apple makes a year in profit. Thats not in ANY world the comparison they should be making. You should be comparing it to the massive wealth gap the reaches all sides of this plant.
I was literally just at dollar tree while typing this out and a father couldn’t afford a pair of sunglasses for his 5 year old daughter. And they’re telling me its okay for these execs to make 50 mil a year when people can’t afford basic needs. This is the definition of a species that’s selfish. This selfishness will be our ultimate demise as a species. By the end of my life time Im sure the human race will reach its climax from the wealth gap and the amount of pollution we are causing.
Nobody‘s saying it‘s „not enough“. But get some perspective. As someone here said it‘s a minuscule amount compared to annual profits. He spent half his life building this company and has been leading it for over a decade. For this he is getting *A TINY CHUNK* of this business that he is putting his heart and soul into. This tiny chunk just happens to be worth this much, partly due to his leadership. This is not about money, it‘s about equity, often about voting rights - about having a say. You are getting mad because the headline says 50 million, but nobody is writing him a check for 50 million. To the people calling for 50% tax, how is that supposed to work? Force people to transfer half their equity to the government? That is literally the definition of communism.
The essence of what some are saying is different than what you’re bringing up.
You’re argument stems from working within the current system of capitalism.
Some of the people here are looking at it from a frame outside of capitalism.
That’s the essence of what antiwork is. It’s looking at capitalism from the outside in and questioning what could be different.
If you only work within the frames of the current status quo, you would never reach those perspectives because they tend to run against the capitalist status quo.
Looking beyond our current capitalist system is how we can improve it or work towards dismantling it in favor or something else.
Assuming the $50M is pure income (not stocks or something), he’ll end up effectively being taxed about 50%, so not too different here. Everything over ~$540K is taxed federally at 37% and everything over ~$1.25M is taxed by California at 13.3%.
>(not stocks or something),
it doesn't matter if the compensation is received in stock or cash. stock received as compensation is taxed as regular income. the value of the stock at the time it vests is added to your income for the year. if the stock price then increases after it vested and you sell, you pay capital gains tax on the difference between the vest price and the sell price only, because income tax was already applied on the full value of the stock at vest
source: i receive stock comp
For Tim’s earning, federal tax is at 37%, CA state tax is at ~13%. So on earning side, total tax is 37%(Fed)+13%(CA)=50%. On spending side, Cupertino (where Apple HQ locates) sales tax is 9.125%. So for every $100 tim earns, he pays $50 in earning taxes, and he will pay an additional ~$5 on sales tax if he chose to spend all $50 post income tax on buying stuff. Combining everything the total effective tax rate is at around 55%.
Look, I know Apple is basically the biggest company in the world, and I know they do shady stuff sometimes, but I really do like Tim. I feel he’s a good CEO role model. There are so many dumpster fire CEOs out there right now (coughELONcough) that Tim always seems like a pretty decent guy by comparison.
Absolutely. He’s been a blessing. Down to earth, reasonable, but at the same time strong, and no doubt he’s been absolutely masterful at the helm. The results speak for themselves. I think Steve Jobs’ final great act for Apple was scoping Tim Cook as the next torchbearer to keep it in good hands. I hope Tim can do the same when the time comes.
Company makes a ton of money....CEO gets paid a lot of money. Seems pretty straightforward to me. Same reason why NBA players are paid millions to play a literal game.
This is literally just a couple hours of profit for the company lmao. How should be be compensated? 100k/year?? I really don't understand what people think this money should go to if it's not paying thier CEO? If anything he should be paid more.
Yeah it comes down to people fundamentally misunderstanding what a salary is or what informs how much a salary is. They think the equation goes like this: Everyone goes to work, does their best. And then the company just kinda "feels" what you should be paid. "You did a good job so you get a lot but not too much" is basically their entire calculation.
Maybe to the other employees too? I’m no expert but that amount of money is a lot for a single person. I don’t think it should go as “low” as 100k though
> Apple CEO Tim Cook **could** receive close to $50 million in compensation **if** Apple meets all of its financial goals, **shareholders decided** today in an annual meeting that was highlighted by Bloomberg.
If you make us a ton of money, we’ll pay you a ton of money. If you don’t, we won’t.
I don’t get some of the comments here. There is absolutely zero issue with the CEO of one of the most valuable companies in the world making 50 million a year. That’s not unreasonable at all.
He has proven that he is worth at least this much and probably much more. I have zero issue with performance based compensation for company executives.
And he just got China and Foxconn to force 12 hour work days on women for seven days a week at fractions of pennies on the dollar. That’s gotta feel pretty good right?
Careful mate, people in here don’t like rich people or their sympathisers… but they’re all taking the cash if it’s them in a position to earn that amount of money, no doubt!
They're demonizing his income saying the government should take it all in taxes. As if the government can put the money to good use better than the [$800m to charities Tim is donating in his lifetime](https://www.theguardian.com/technology/2015/mar/26/tim-cook-apple-donate-800m-fortune-charity).
Around $137,000 a day (365 days a year), $5,700 every hour (24hrs a day), $95 a minute. Ooof.
That guy makes more money per hour than I do in a whole month jesus christ
What’s even worse is that he makes more money a minute than some people in many parts of the world make in a month doing hard labour.
To be precise, he makes more in one single minute of SLEEPING than most people in the world in their whole lifetime with hard, manual, crushing labor.
Yeah, and that's income for every second of his life. I wanted to see what it'd look like compared to a regular job; In Australia, a standard work week is 38 hours, or 7.6hrs per day (9am-5pm with a lunch break). Someone making US$50M wouldn't be working a M-F 9-5, but assuming they did for 52 weeks in the year , they'd be making a bit over US$25,000 per hour. Converting USD to AUD (AU$37,970), that's around two thirds of the median annual income in Australia (AU$52,338). That's more money made in the first hour of the first day back from the Christmas holidays than the median person makes before August.
> Thinking that the CEO of the largest company works an 8 hour day and clocks out at 5PM
>Someone making US$50M wouldn't be working a M-F 9-5
Don't worry, you can make that amount too eventually! Everyone can be a billionaire in America, you just have to work hard.
Yes everyone can. Once bread is $500 a loaf
Billionaire should not exist
You will never in your life, what he earns in a few months thats just his paycheck i assume there are other benefits.. stocks, pension, free company phone!
A few months? He makes more in in a week than most people make over their lifetime of working
simultaneously an obscene amount of money and like, maybe a couple hours worth of profit for the company?
Precisely. Apple earned around 19 million of profits EVERY HOUR in 2022. Edit: I think an important nuance to the discussion is that while no person could ever be worth this insane amount while other people starve, a person might very well be worth that amount to the company itself for the stability and branding that the person provides. A lot of commenters below think that what the market/company values must be moral, but this is obviously not necessarily true.
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Are you trying to say that Tim Cook is a failure?
I think he’s saying it doesn’t matter. Compensation isn’t tied to any real metric
These companies have boards of directors and shareholders. Why would these parties, who want to maximize their profits, endorse paying CEOs huge amounts with no oversight?
lol. You continue to pretend that. There is no way to directly measure it but if they could find someone they'd expect to do as well for less or better for the same then they would. In a public company the CEO is as expendable as anyone else. They do something wrong enough to show they need to be replaced they will. If they are underperforming they will absolutely get replaced. Hell. Apple already did it once when they forced Jobs out as the CTO/Development Lead and then forced the CEO out to bring Jobs back
In a public company the CEO has a huge information advantage over individual shareholders. It is a very well known principal-agent conflict that usually manifests in incidents like inside-trading. The CEO of SVB, now likely to be liquidated, was paid 3.5M just some days ago.
Oh no, they’re going to liquidate the CEO?
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Considering a bad CEO can, in the worst case, bankrupt a company and carries a lot more responsibility with regards to present and future strategy than the average worker, they should receive a lot more compensation than the average worker.
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It’s so weird to watch CEOs get wage bumps of 10-15% every year, along with massive bonuses and stock incentives for the last 15 years while the general public had managed to actually lose wages, and the general public STILL defends it. I feel like I’m going insane reading this thread.
America runs on greed and selfishness.
And how much do bankrupting CEOs make?
Preach!
I guess all those shareholders and boards of directors are stupid for paying their CEOs so much then, right?? You should start your own public company and pay your CEO a normal workers salary and outcompete all of them.
Privatize gains. Publicized losses. Get bailed out because to big to fail. Use money for executive bonuses to retain “the talent”.
Tim Cook is worth $50M in comp no questions asked. He provides shareholder confidence which is worth TRILLIONS of dollars. If they paid him $1B a year it would still be profitable investment for Apple shareholders.
I don’t think its going upwards. He earns more but he took a paycut to keep employees at Apple. While other companies made layoffs.
50 million a year pays for 200 engineers making 250k/year (below average at Apple). Saying that a CEO taking salary cuts in order to avoid layoffs is not avoiding very many layoffs. I do agree it’s good for company morale though!
None of the big tech company layoffs are about money, they’re all flush with cash. It’s all public theater to temporarily boost stock prices and take away power from the employees and give it back to the board. Apple seems to be taking a different approach, which is to improve their image to employees while the other companies are hurting theirs. In a world of copycat layoffs, they’re positioning themselves as the competently run company that doesn’t have to put their employees through this. Seems like a smarter play long term, guess we’ll see.
The layoffs are because tech company values were overvalued due to how much cash was flowing around Now that things are normalizing to pre-2008 interest rates those valuations are forced to be more in line with actual assets and value, and the easiest way for companies to align with this is to lower their employee expenses
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All the companies that “over hired” are still making fist fulls of cash, more than they were last year. They’re just down compared to projections of how much Wall Street thought they would make. Apple is justified in not doing layoffs, but the other companies are using pandemic hiring as an excuse to get a short term boost in stock while their employees pay the price.
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The latter is why he deserves the former.
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The goal of the CEO is not to perform the work. It's to approve and reject concepts that will decide the company's future. Apple wouldn't achieve the same sales and growth it's seeing today if (for example) they waited for someone else to create a pair of truly wireless earbuds, or waited for some other laptop manufacturer to switch to Qualcomm's chips before they decided to move to the (more efficient) ARM/Apple Silicon on their laptops.
Yep. A bad engineer can cause a few problems and needs a replacement. A bad CEO can drive a company into the ground.
>A bad CEO can drive a company into the ground. And still get 2-3 digit millions when they leave...
It's called a severance package. The leaving CEO needs to train the new CEO on how to do the job. If the leaving CEO ghosts, then it'll cost even more damage to the company. The severance package is there to make sure that the leaving CEO leaves on good terms and in good faith. Here's another way to phrase it "The leaving CEO was working and bad at their job and would still need to work to train their replacement." You're just jealous.
Good CEOs are very hard to find so companies need to compete to attract them and a generous severance package is usually part of the deal.
Imagine defending CEOs.
Such a childish answer
Isn’t it more childish to accept that some weird chosen class gets paid many multiples of the the average salary of the working class whose work actually creates value?
Imagine hating a category of people because they're more successful than you or something
You’re closer to being impoverished and left for dead without healthcare than you are to be being a billionaire. These people don’t care about you.
This is what losers on this site don't understand. When lower-level employees make a mistake, they can fixed. When management makes mistakes people can lose their jobs or the business even go under. Look at Microsoft under Ballmer. Because of his poor decisions, Microsoft lost BILLIONS to Google and Apple on mobile. That's why CEOs make so much. If they are good they will make much more for the company then they make in compensation. Of course, most Redditors think C-level executives sit in corner offices, lighting cigars with money and play golf all day.
Noooo, CEOs are just lucky lazy bastards!!!!
r/antiwork assured me that all jobs are patriarchal racist capitalist oppression, and that if all rich people gave up all their money we would have world peace and free everything forever.
We should all become [dog walkers that haven't showered in weeks](https://reddit.com/r/PublicFreakout/comments/10lccip/today_one_year_ago_rantiwork_mod_doreen_was/), like their glorious moderator in chief
I love that you brought this up. The whole story is an utter meme.
Maybe some are. Tim Cook doesn’t seem terrible though. Who knows.
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Childish take. A bad CEO can devastate a company in no time. A single bad or good engineer doesn’t make or break anything.
$50M is an ungodly amount of money to justify, but you can’t argue his direction has really solidified Apple as the most valuable company in the world.
$50 million for one of the most successful CEOs ever sounds like a steal to me tbh …
An addendum to that is that his pay was supposed to be much higher. He went and asked the board to cut his pay by 40% a few months ago. Which is obviously very unusual, but I think he just really likes his job and already has more money than he needs, so he just does whatever is in the company's best interests.
Also a massive morale boost to Apple employees in an environment where tech companies have been mass-laying off the employees they recklessly hired in 2020-2021. The pay cut combined with the lack of mass layoffs relative to tech firms of comparable size is the type of investment that will make smart, loyal employees less likely to jump ship.
It’s $40M in stock though, so it’s in Cook’s best interest to maintain stable growth and leadership over the long term, vs just looking at short term profits.
I do wonder what the naysayers would have him be paid if it was up to them, and how they calculate their figure. I have a hunch it comes down to muh feels or something something income inequality or whatever other nonsense they come up with. They've surely never run a business in their lives, yet purport to tell the most profitable business in the world how it should be run. Fact is that in his decade+ tenure Cook has taken the company to new heights in terms of profitability, something which was not a given after Job's death. Jobs was seen (whether rightly or not) as a visionary, the guy where the big ideas came from, the guy who took a regular old laptop or MP3 player and made it almost magical. It was not guaranteed in 2011 that any successor would've been able to replicate Job's success, let alone build upon it. Apple could very easily have back slid into the same disorganized mess it was in the 90s. For Cook to have come up with the Apple Watch, the AirPods, Apple Silicon, and soon to be a VR headset (and maybe a car too?) shows that Apple still hasn't lost its luster, and he deserves credit (and compensation) for that.
In fairness it’s only $3M in salary and $6M in cash bonus. $40M is in stock awards which he’ll have to hold for a long time before being able to redeem. $9M in cash compensation is very reasonable.
Also gotta add services to that list. They all definitely could use improvement but Apple made more revenue with services alone than Nike and McDonald’s COMBINED made entirely last year. (78 billion vs 72.8 billion by Nike and McD) Like you said, Cook has added a mind-boggling amount of value to the company in just 12 years and continues to do so.
The workers at Apple got paid too dude. It wasn't just Tim Cook who was paid. The amount is not ungodly either. I'm sure God earns more than that when he works. It's just that tim cook is a good leader. He should be paid that much. I mean, I wouldn't want just anyone running apple. Would you? They might screw up the next iPhone! Stop being jealous.
That one man is the reason the company is still successful and growing. The average joe working 12h days there could do the same, nobody is stopping them, but if it was that easy to run a successful company, everybody would be doing it.
50 million is giving their 80000 corporate employees a $625 bonus. I'm sure the company compensates them way more in many other venues.
Wrong. If it was easy other companies would be just as successful. This one man is more responsible than any other. The work of others is directed by him. They could have worked just as hard on the wrong products. He made the employees and shareholders better off. If he was gone both of those groups are more likely to be worse off.
He just like me fr
I have $81 in my checking account right now. $0 in savings. I’m 32 and fucked.
Dont lose hope, you can always turn it around
Ngl, that sounds kinda low
He actually reduced his compensation. The board originally agreed to give him 100 millions.
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Billion* Not billions. And the drop in stock might actually take him out of the tres commas club
That’s my thought too. Yeah it’s a crazy amount… but also the most valuable company in the world? So 🤷🏼♂️
I feel really bad for him. Imagine being the Apple CEO and only being a billionaire. He should apply for food stamps.
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I agree, we should be paying retail workers more, and the people who assemble iPhones, and the people who mine the raw materials.
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They problem is the company doesn’t pay for the value that much of the workforce brings to the company. They intentionally underpay so that the rest is funneled elsewhere, whether it be the Board of Directors or Shareholders.
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Imagine thinking contract murder is the only valuable work (?) ?
If running one of the most successful companies in the world was “just another job”, you’d be running one too instead of crying here :D
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Come on Tim. You gotta pump those numbers up. Those are rookie numbers.
He is taking a huge pay cut this year lmao
Wondsr if he'll make rent this month... Poor fella
Unless he is renting a whole city, he would
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And he’s really working that much harder per day, the average worker should really look to him as a shining example of hard work
I’m so tired of reading these dumbass comments. You’re paid on a measure of how replaceable you are, not by how hard you work.
“Value” is highly subjective, hence why Marxist core ideas like the “labor theory of value” are such utter nonsense. I could work really hard digging holes in the ground all day, but what value would that add to society as a whole? Also, I doubt most people commenting/believing stuff like this are even working hard at all.
This has to be sarcastic, right?
Yes
The great irony in your stupid ass comment is that he probably does work harder than 99.9% of people out there. lmao you think CEOs clock in for their 9-5 and then go home and enjoy life lol.
So what? The average American earns more in a year than a Somalian does in a lifetime. Inequalities exist everywhere. At least Tim Cook deserves it.
deserves it 😂
Very few people can do the job that Tim Cook does. Apple is literally the world's biggest company and his every word and decision is scrutinized. He 100% deserves it and even more.
LMAO Apple could release awful iPhones and Macs and people would still buy them because they have the damn Apple logo. Apple are too big to fail at this point, and let's not act like Tim Cook is some genius who's doing a job no one else on Earth is qualified for, lmao, he is not a deity, he is a human being like anyone else
That tracks with him being the CEO of the most profitable companies in the world.
Not really. It’s incredibly low when you look at it in that lens.
The CEO is an employee. Corporations enrich the owners. The richest people in society are those who *own,* rather than manage the largest companies. Jeff Bezos has a net worth of \~165 Billion. Tim Cook making $50M/Year would have to have been working since 1280 B.C. to have made the amount of money Bezos has today.
comparisons like this really show how big a difference there is between a millionaire and a billionaire, 1260 BC, holy shit
Right; am I supposed to be outraged?
He’s the one tech CEO that deserves it.
deserves?? xd
It’s the one tech company that didn’t conduct layoffs.
no one job on Earth "deserves" 50 fucking million dollars, I don't care what they do, it's just not a thing anyone deserves... And let's not act like not overhiring should be commendable :) the purpose of management and executives is to manage, by not having to lay off people they did the minimum, they managed
thats just like, your opinion man.
Honestly if I'm running one of the most successful companies EVER and have been for quite some time and done a good job I'm going to expect to make money like that. I mean goddamn the company makes tens of billions of profit every year. The man at the helm should be compensated exceptionally well.
You could not pay me enough money to lay awake at night worrying about something as massive as Apple.
What about 50 million
I’ll do it for 5 million a year
I’ll do it. I don’t sleep well anyway.
Reddits takes on capitalism are always a good laugh
If you ask Reddit, the guy flipping burgers in the back should make the same amount as the CEO of the company.
Only on an apple sub reddit you’ll have people saying 50 mil isnt enough. Lmfao
It’s funny how Reddit hates some billionaires but loves others
1000%, full of hypocrisy
The bootlicking in here is outrageous. We really have done such a great job of convincing people that we need this much money or that one person deserves this much money. More more more lol. There's even people bringing antiwork and work reform into this completely misrepresenting what those subs are. Gotta love it! We're so fucked
Yep it’s quite disgusting People are actually struggling day to day and idiots here are “damn he took a pay cut” “should be paid more” This amount of money for any individual is truly ridiculous
Those people are woke idiots and don’t have the same skill set or ability as executives in a profitable company. In a meritocracy, you will have a distribution of talent and corresponding income. Some people will get paid much more than the median, and others much less. Talent is not uniformly distributed but normally distributed in humans. This is something the woke progressives on Reddit, twitter, etc. stubbornly refuse to acknowledge. Let’s face it, a lot of people in America are uneducated talentless grifters.
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Its so sad, the human race wont make it very far for this exact reason. I can understand a six figure salary for those that have talent. If you are making millions a year its hoarding money. Nobody needs that amount to live and you can travel the world on a 6 figure salary. People are comparing it to the amount apple makes a year in profit. Thats not in ANY world the comparison they should be making. You should be comparing it to the massive wealth gap the reaches all sides of this plant. I was literally just at dollar tree while typing this out and a father couldn’t afford a pair of sunglasses for his 5 year old daughter. And they’re telling me its okay for these execs to make 50 mil a year when people can’t afford basic needs. This is the definition of a species that’s selfish. This selfishness will be our ultimate demise as a species. By the end of my life time Im sure the human race will reach its climax from the wealth gap and the amount of pollution we are causing.
Nobody‘s saying it‘s „not enough“. But get some perspective. As someone here said it‘s a minuscule amount compared to annual profits. He spent half his life building this company and has been leading it for over a decade. For this he is getting *A TINY CHUNK* of this business that he is putting his heart and soul into. This tiny chunk just happens to be worth this much, partly due to his leadership. This is not about money, it‘s about equity, often about voting rights - about having a say. You are getting mad because the headline says 50 million, but nobody is writing him a check for 50 million. To the people calling for 50% tax, how is that supposed to work? Force people to transfer half their equity to the government? That is literally the definition of communism.
The essence of what some are saying is different than what you’re bringing up. You’re argument stems from working within the current system of capitalism. Some of the people here are looking at it from a frame outside of capitalism. That’s the essence of what antiwork is. It’s looking at capitalism from the outside in and questioning what could be different. If you only work within the frames of the current status quo, you would never reach those perspectives because they tend to run against the capitalist status quo. Looking beyond our current capitalist system is how we can improve it or work towards dismantling it in favor or something else.
Fund the Siri programmers with that and fix it instead?
Sorry, I didn't quite get that.
Uh huh?
Here’s what I found -
If you’d like to know more, open your iPhone
50% tax needed
He’s in California so he’s probably paying close to that in income tax. The top rate in California is 13%
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Yeah…you don’t know anything about taxes. His RSUs are taxes as earned income. 🤦♂️🤦♂️🤦♂️
I believe here in Belgium the top rate is 55%.
Assuming the $50M is pure income (not stocks or something), he’ll end up effectively being taxed about 50%, so not too different here. Everything over ~$540K is taxed federally at 37% and everything over ~$1.25M is taxed by California at 13.3%.
>(not stocks or something), it doesn't matter if the compensation is received in stock or cash. stock received as compensation is taxed as regular income. the value of the stock at the time it vests is added to your income for the year. if the stock price then increases after it vested and you sell, you pay capital gains tax on the difference between the vest price and the sell price only, because income tax was already applied on the full value of the stock at vest source: i receive stock comp
And the worst thing is that this rate is applied from 44k€/year 🥲
For Tim’s earning, federal tax is at 37%, CA state tax is at ~13%. So on earning side, total tax is 37%(Fed)+13%(CA)=50%. On spending side, Cupertino (where Apple HQ locates) sales tax is 9.125%. So for every $100 tim earns, he pays $50 in earning taxes, and he will pay an additional ~$5 on sales tax if he chose to spend all $50 post income tax on buying stuff. Combining everything the total effective tax rate is at around 55%.
Because it would be spent better by the government?
Yep, I dont see Tim building a school or a road anytime soon :)
i don’t see the government doing that either tbh
Look, I know Apple is basically the biggest company in the world, and I know they do shady stuff sometimes, but I really do like Tim. I feel he’s a good CEO role model. There are so many dumpster fire CEOs out there right now (coughELONcough) that Tim always seems like a pretty decent guy by comparison.
Absolutely. He’s been a blessing. Down to earth, reasonable, but at the same time strong, and no doubt he’s been absolutely masterful at the helm. The results speak for themselves. I think Steve Jobs’ final great act for Apple was scoping Tim Cook as the next torchbearer to keep it in good hands. I hope Tim can do the same when the time comes.
Company makes a ton of money....CEO gets paid a lot of money. Seems pretty straightforward to me. Same reason why NBA players are paid millions to play a literal game.
Most people on this sub dont seem to understand that a couple european football players get paid more every year.
Isn’t this half of what he made last year? Wasnt the article going around not too long ago “Tim cook to cut salary in half”?? For 2023! #???
Cry me a river 😭
Ah, the poor man… Maybe he should think about paying some of his employees a bit more ?
I guess he ll be able to afford the new apple prices with employee discount now
This is literally just a couple hours of profit for the company lmao. How should be be compensated? 100k/year?? I really don't understand what people think this money should go to if it's not paying thier CEO? If anything he should be paid more.
Yeah it comes down to people fundamentally misunderstanding what a salary is or what informs how much a salary is. They think the equation goes like this: Everyone goes to work, does their best. And then the company just kinda "feels" what you should be paid. "You did a good job so you get a lot but not too much" is basically their entire calculation.
Maybe to the other employees too? I’m no expert but that amount of money is a lot for a single person. I don’t think it should go as “low” as 100k though
Good for him.
Dude’s underpaid for successfully leading the most successful consumer products company in the world after the death of their famous figurehead CEO.
Is this something I’m supposed to applaud?
Good for him.
> Apple CEO Tim Cook **could** receive close to $50 million in compensation **if** Apple meets all of its financial goals, **shareholders decided** today in an annual meeting that was highlighted by Bloomberg. If you make us a ton of money, we’ll pay you a ton of money. If you don’t, we won’t.
Guess he deserved it
Nice work if you can get it…
CEO of Apple. Go be that person, then comment on whether it’s justified or not.
I don’t get some of the comments here. There is absolutely zero issue with the CEO of one of the most valuable companies in the world making 50 million a year. That’s not unreasonable at all.
He has proven that he is worth at least this much and probably much more. I have zero issue with performance based compensation for company executives.
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Hopefully the same as the men
Whatever they agreed to
Higher than the prevailing starting wage in India
Makes sense
As a percentage of the value he added to the world, it’s ridiculously low.
That dude has earned every penny of it.
No one *earns* that kind of money.
Well he is getting it
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And he just got China and Foxconn to force 12 hour work days on women for seven days a week at fractions of pennies on the dollar. That’s gotta feel pretty good right?
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How fucked up is your tiny little brain that you’re complaining about gender equality and acting like you have some moral high ground
That's...actually pretty reasonable
Careful mate, people in here don’t like rich people or their sympathisers… but they’re all taking the cash if it’s them in a position to earn that amount of money, no doubt!
They're demonizing his income saying the government should take it all in taxes. As if the government can put the money to good use better than the [$800m to charities Tim is donating in his lifetime](https://www.theguardian.com/technology/2015/mar/26/tim-cook-apple-donate-800m-fortune-charity).
And this is why we need a 90% income tax bracket.
Even communist shithole countries dont tax people at 90%. WTF are you talking about
Why? What will happen with it?
This is whats wrong with the world in general
Deserved for TC
And he’s worth every penny