r/technology • u/geoxol • Jan 13 '23 • Bravo! 1 Helpful (Pro) 1

Apple CEO Tim Cook to take more than 40% pay cut Business

https://apnews.com/article/technology-apple-inc-tim-cook-business-d056553b10120c4a968b562cb7ece5d2
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u/royhaven Jan 13 '23 • Gold Take My Energy Eureka!

You really can't make people happy on reddit.

Company has a RIF and reddit's reaction is "shouldn't the CEO look at cutting his own salary?"

CEO cuts his own salary and reddit's reaction is "He's still getting paid too much".

This article wasn't aimed at making you feel sorry for Tim Cook. It was simply pointing out what happened.

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u/InitiatePenguin Jan 13 '23 • All-Seeing Upvote

CEO cuts his own salary and reddit's reaction is "He's still getting paid too much".

He cut down his salary to 3x his salary three years ago after spiking it 8x over the pandemic.

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u/Kelter_Skelter Jan 13 '23

What are the actual annual salary numbers per year? I know you're leaving it out to shorten your response but it would be beneficial to post that in a thread like this

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u/InitiatePenguin Jan 13 '23

14 mil and change before the pandemic and 98 after. 49 moving forward.

The income salary portion remained constant at 3, additional compensation like equity and cash incentives are what ballooned. It's all in the article.

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u/Davesnothere300 Jan 14 '23

Holy fuck, this should be in the title.

This isn't an act of charity whatsoever.

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u/zaviex Jan 14 '23

He didn’t raise or lower it. The Apple board commissioned a group to come up with his package

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u/NutInMyCouchCushions Jan 14 '23

And three years ago Apple reported roughly 1/2 of what they do in revenue today. I’d say that when you bring in an additional $150B under your leadership you should have your value recognized

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u/SarkHD Jan 13 '23 • Gold

Those things can both be true in the same time though.

Yes he cut his own salary, and yes he is still making more than anyone would ever need. It makes 0 difference for him financially, yet the $40 million he cut from his compensation package would be a life changing amount if broken up between 100 or hell even 1000 people.

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u/kent_eh Jan 13 '23

yet the $40 million he cut from his compensation package would be a life changing amount if broken up between 100 or hell even 1000 people.

How much of a difference will it make to the income of the shareholders who voted for it?

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u/charklaser Jan 13 '23

The value is 0.25 cents per share.

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u/vaxul Jan 13 '23

And a bad leader can destroy atleast 50% of the stock price in seconds. I hate Tim Cook though. That formula 1 flag waving was horrendous.

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u/Seiglerfone Jan 13 '23

Yes, but whining in response to this news pretty clearly shows that one's motivations are not genuine.

That is, it shows that they're just upset that other people are rich.

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u/ThrowawayusGenerica Jan 13 '23

It's almost like being against the existence of obscene wealth is an ideological position some people have.

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u/nau5 Jan 13 '23

Some of us learned in school about serfdom and thought about how awful it was.

Some kids learned that the few got to be super wealthy and do what they want and thought how great that was.

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u/tomj_ Jan 14 '23

It's a perfectly reasonable position. There is only a finite amount of money/wealth in the world, and every extra dollar that goes to some billionaire who already has everything is a dollar that cant be spent on public transport, welfare programs like medicare and social security, or tackling climate change.

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u/Aururian Jan 14 '23

it’s a wrong position. reddit likes to be idealist but the reality is most people wouldn’t share their wealth gained over generations of hard work with a random person. is it morally wrong? maybe. the reality is that most people stockpile wealth for themselves and their future offsprings. is that wrong? i don’t think so. personally i make a 6 figure salary and i’m sure as fuck not going to vote for policies that reduce the money i have (my parents were literally dirt poor) just so that a few random people that i don’t know would live a marginally better life

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u/smoothsensation Jan 14 '23

There’s a difference between changing policy around someone with a 6 figure salary and changing it for the ones with 7,8,9 figure salaries/comp. The latter is what I see most people on Reddit arguing for.

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u/thesephantomhands Jan 13 '23

When economic inequality is rampant and people are struggling to put food on the table, we can't confidently say it's a matter of jealousy or anger at individuals. A lot of anger at the ridiculously wealthy, especially from corporations who aren't paying taxes and hoarding their money - is about how these people are emblematic of this inequality and the fundamental injustice of some people flying private jets while others who work hard are having to decide between food and medicine. Until we get the inequality bit sorted to the point of allowing for a basic level of wellbeing, it's hard to disambiguate the how people direct their anger.

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u/benderunit9000 Jan 13 '23

That is, it shows that they're just upset that other people are rich.

Nothing wrong with that. Something fundamentally wrong about hoarding that kind of wealth.

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u/Seiglerfone Jan 13 '23

There's nothing wrong in being upset that other people are rich, no.

There is something wrong with spamming your infantile emotional outbursts on social media though.

I disagree. What's wrong is parasitism and the organizing of society in a way that enriches a few by depriving many of a basic quality of life.

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u/[deleted] Jan 13 '23

There is something wrong with spamming your infantile emotional outbursts on social media though.

Oh damn then I guess you had better stop throwing a tantrum on Reddit because someone doesn't like billionaires

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u/SuperMack99 Jan 13 '23

You decided it's whining and you deciding that means it's not genuine but that doesn't make it reality. You're projecting your interpretation of other people's words onto them and calling them whiners for your projection.

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u/cayneabel Jan 13 '23

they're just upset that other people are rich.

Reddit in a nutshell.

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u/artificiallight4464 Jan 13 '23 edited Jan 13 '23

Most definitely.

A person posted a picture of a 15-20 year old kitchen they remodeled and one of the top comments was something like “uggghh, I wish I was rich enough to remodel a completely good kitchen”.

The people renovating it basically put in energy efficient appliances, new countertops, and painted the existing cabinets. They were proud as first time home owners and it wasn’t a fancy, gourmet kitchen at all, but people just wanted to shit on others happiness.

The social media jealousy/misery feedback loops just keep getting worse.

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u/237FIF Jan 13 '23

The happy people are just logging off lol

I don’t know which begets the other, but doing less on my phone has been a good thing

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u/[deleted] Jan 13 '23

The worst I ever seen was years ago. Somebody posts a picture of the Grand Canyon in the morning from the back of their old suv after car camping. The entire thread was bitching about this guy being rich because he could go on vacation. He car camped in a parking lot in a old suv and that was to rich for Reddit because he could afford a few days off work.

Unless you have 3 jobs, live paycheque to paycheque, and only eat Mac and cheese then you’re rich and deserve none of your money. Reddit for some reason thinks everybody needs to struggle and if you don’t it’s like you’re going against some narrative that everything has to be horrible and terrible because honestly that’s the excuse they tell themselves to explain their shitty situation.

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u/notapersonaltrainer Jan 13 '23

Most of these American Redditors' salaries would be a life changing amount if broken up between 100 or hell even 1000 people around the world.

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u/Transapien Jan 13 '23

True but the cost of living difference means you would have to live in those countries with your American salary to make that a functional reality.

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u/sagenumen Jan 13 '23

"No one can have nice things because wealth inequality exists around the world"

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u/PetsArentChildren Jan 13 '23

Now we’ve come full circle. We’re back around to defending Tim Cook.

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u/Pooh_Youu Jan 14 '23

How did you get from A to B in that one? That quote was saying the total opposite of what you inferred.

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u/sagenumen Jan 14 '23

What a shallow take on that.

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u/[deleted] Jan 13 '23

I mean that’s kind of the point they’re getting at. Somebody can’t have a nice kitchen because some random Redditor has no motivation to get a job beyond Applebees so no one else is allowed to have more money than him.

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u/benderunit9000 Jan 13 '23

nice things

This is subjective.

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u/sagenumen Jan 13 '23

So, someone improving their living space isn't "nice things?"

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u/artificiallight4464 Jan 13 '23

The person renovating that kitchen was absolutely not rich. This was someone’s first home and they spent money to make it better and more energy efficient. I don’t see the need to talk about splitting up a middle class income.

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u/DenFranskeNomader Jan 13 '23

Ah yes, the "let's pretend that, because 15k a year is luxury overseas, the literally homeless Americans making that in the USA should be grateful" argument.

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u/Sasselhoff Jan 13 '23

If you make more than $35,000 USD a year, you are the 1% (of the world).

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u/DenFranskeNomader Jan 13 '23

Sure, but that's a pointless thing to mention. What matters is disposable income after expenses.

If the exact same apartment rents for 2k more in one country than another, then someone in the "richer" country can make literally 23k more than someone in the "poorer" country, but be objectively worse off.

A subsistence farmer in a country with universal healthcare doesn't have the same expenses as a homeless American with a medical problem. You're basically abusing the flaw of GDP (which is that only market transactions count as valuable) to pretend that a homeless starving man is richer than someone who owns their own land, does their own farming, and has their partner do unpaid domestic labor.

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u/Sasselhoff Jan 13 '23

someone who owns their own land, does their own farming, and has their partner do unpaid domestic labor.

I lived in rual China for almost a decade...you have NO IDEA how poor so many people are. Just FYI, this turned into a novel of a reply, with no TL;DR, but if you are interested (you seem to be), I think it would be worth reading.

30 million people in the province I lived in were living in caves (caves with a front door, and often electricity, but still straight up just caves). The minimum wage when I was there was 1150rmb a month, it has since (a few years later) gone up to a "staggering" 1750 rmb...or, $250 USD a month. My partner has family that work for their village cleaning up trash...they get paid like 500rmb a month, which is somehow permitted because it's a "village thing". It was better for white collar office workers, but the ones that worked at the gas company I was a part of made about 5000 rmb/$714 USD a month, which isn't much to shake a stick at when you are spending $200,000 USD for your house.

I looked at buying a cheaper home when I was there (once they allowed laowai to own them), and it was a shitty two bedroom tiny apartment, in a shitty old neighborhood...it was just shy of $200,000 USD. Tell me how you can buy that (or a car, my partner bought a several year used cheap VW and it was $9000 USD) when you make $250 A MONTH. Even the cheaper stuff adds up when you're only making that little money...case in point, my internet and cable was only $15 a month, and my cell phone bill was $9 a month; but that's almost 10% of a minimum wage salary.

Also, there's no "universal healthcare" to be seen...they don't even have the US system where they help you first, then you pay (if you can, which often isn't possible given the insane US healthcare prices). If you can't pay in advance or have a way to show you can pay later they will straight up let you die on the sidewalk. I knew of a laowai where the doctor not only stopped working on him when he found out dude couldn't pay, he pulled out the stitches he'd already completed.

A few years ago I was told that "the average person in the world" is a Chinese man in his 20s with a cellphone and no bank account...I would not be surprised if that is still the case. I would see farmers working their little tiny plot of land (and I do mean tiny little plot) for the meager grains it's going to give them, that they then dry in the middle of the road (often in the curve...fun stuff on a motorcycle, lemmie tell ya). They'd be using a donkey for transportation, and had super rough clothes, no indoor plumbing that can handle "Number 2" (you have to go to a communal toilet, I found this out right before signing a lease once)...but they'd have a smart phone...it was one of the more bizarre things I saw there.

So while yes, there is some accuracy to what you were saying (just like there is accuracy to pointing out that the global 1% wage is $35k a year), but the situation is more in depth than you may be aware.

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u/DenFranskeNomader Jan 13 '23

Funnily our background isn't too dissimilar. I've also spent time in China as well.

Subsistence poverty is an incredibly different kind of poverty, one that basic financial figures like GDP are notoriously terrible at tracking. To be clear, under no circumstances is 1150 RMB a month, rich. However, that 1150 RMB doesn't cover food nor shelter, as both are generated outside of GDP metrics. Or in other words, it's basically dishonest to claim that 1150 RMB is all that they're living on because it just isn't true. They're living off of 1150 RMBI and however much food they can grow, all while not paying for housing. To compare, a homeless person in Shanghai making double that would not have food or shelter.

However, there is an important caveat that you brought up and that I want to acknowledge. What I'm saying is only true for the subsistence farmers who actually own their farm and land. The people in these towns who need to survive without a subsistence farm are impoverished on a truly unique scale. Funnily, I had the same experience as you with looking at homes too. Also yeah, with the healthcare stuff I wasn't trying to imply that all 3rd world countries had UHC. I was more saying that a homeless minimum wage worker in the USA could have a far worse living standard than a subsistence farmer in a country that did have universal healthcare.

I also want to point out the nuance of how radically different the poverty is between western low-wage workers and third-world subsistence farmers. There is far more stability for a subsistence farmer who knows that, no matter what, they'll survive the year and will always have a roof over their head, and is surrounded by a community that is set up for this kind of living, than in a low-wage homeless person who's very existence is criminalized, who needs to pay for all food without even a kitchen, and who will certainly be high risk for eviction. However, there is a certain helplessness for subsistence farmers. There are no jobs, no chance for growth, no access to high quality infrastructure, education, healthcare, etc.

Tl;Dr

We need to actually compare metrics like life expectancy, access to education and healthcare, caloric intake, etc. Trying to call a homeless person working at McDonald's in a first world country richer than someone who doesn't pay for rent or food is basically a trick of the numbers, abusing the flaws of GDP.

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u/bicameral_mind Jan 13 '23

Gotta remember large numbers of people on Reddit are broke 20 year olds who smoke too much weed and have no goals, spending their time doom scrolling all day and imagine they will never be able to earn any money. Many of them will find in a few years that yes, they can in fact earn money.

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u/cayneabel Jan 13 '23

Many of them will find in a few years that yes, they can in fact earn money.

And all their "fuck the rich" shit goes right out the window.

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u/Jabrono Jan 13 '23

But you'll be king-shit after posting a $20k PC setup

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u/lemoncocoapuff Jan 13 '23

Not always, this Xmas someone posted a pic of their family together all gaming together and the comments were really upset. Things like how dare you post this when others have nothing this holiday, show off, must be nice asshole, etc etc. lots of people crying in the comments about how they could only afford a computer from the 90s and this was an affront to themselves personally lol.

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u/maximumutility Jan 13 '23

Crabs in a bucket

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u/SmokelessSubpoena Jan 13 '23

And mainstream media will continue profiting off this business loop, it's why it exists.

Love, wealth and tragedy sell.

IRL issues do not.

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u/TLettuce Jan 13 '23

So we're just gonna pretend income inequality isn't a problem? Richest country in the world and how much homelessness? How much poverty? While the top 1% makes 84 times as much as the bottom 20%?

We can do SO much better.

I have the worlds tiniest violin for the rich that get their feelings hurt reading comments on reddit...

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u/astrange Jan 13 '23

Homelessness in California is caused by local governments not letting anyone build enough homes. It literally wouldn't be solved by giving people more money, because they'd just bid up the existing supply of not enough homes.

(You can see this because homelessness patterns in the US are explained by local home prices, not by poverty levels or how many drugs everyone is on. West Virginia doesn't have the homelessness problem, SF does.)

The state government has been doing pretty successful programs like HomeKey though.

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u/TLettuce Jan 13 '23

I think the argument that homelessness as a whole is solely caused by zoning problems and nothing else is not a very compelling one.

I don't think you can look at the growing homelessness all over the country with rocketing home and rent prices with inflation and cost of living as the cherry on top and just ignore all that. Not to mention a broad and total lack of any type of a definitive mental health care system.

I think there is actually no place where income inequality is fully on display more than in a wealthy city.

The life experiences of someone who is poor in the city barely making ends meet and someone who is wealthy living in a suburb or gated community are absolutely night and day. They might as well be in different countries when you look at how sections of cities are maintained and how rules are enforced. And this is not a new phenomenon at all. In my experience personally (in Portland) these homeless camps often get pushed into the poorest neighborhoods where we've seen an explosion in crime with absolutely no enforcement in those communities meanwhile in expensive communities the sidewalks are pristine there is very little crime and these areas are very well represented politically.

In my experience also you don't see these issues in more rural areas where there is also less wealth just like you say. There is not the kind of gentrification and income segregation happening that you see in cities either.

If you look to other parts of the world you will see less homelessness for a variety of reasons but to me fundamentally it starts with prioritizing those things with government. But like I say who is being represented politically? It's not the homeless... and it's not the poor. So who's will is being served?

And you say you can't throw money at the problem and have it go away, sure of course... but you also can't tackle these problems without spending a good deal of money either.

There has to be money allocated if we want to make sure people who are unable to take care of themselves get the basic decency of having things like a roof over their head, food on their table, basic health and mental healthcare. Yet with SO much money available... with MORE wealth than anyone we as a nation never seem to be able to justify the spending to tackle these issues even though many countries with LESS money can.

So I think to me it is just simple logic to understand that can we afford to do these thing? Objectively yes. So why don't we?

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u/astrange Jan 14 '23

Is there rocketing homelessness all over the country? It's mainly an issue in cities. (Though, most homeless people aren't on the streets either, they may live in a car or RV or simply a series of informal sleeping on sofas arrangements.)

But like I say who is being represented politically? It's not the homeless... and it's not the poor. So whose will is being served?

The average voter, who is a retired white homeowner with a lot of free time to complain when they see an apartment or poor person near them.

So I think to me it is just simple logic to understand that can we afford to do these thing? Objectively yes. So why don't we?

No, that totally fits with it being zoning. If there's a limited amount of houses you cannot fix it even with an infinite amount of spending.

Californian cities are willing to allocate any amount of money to solving the problem though, as long as nobody actually does the thing that will solve the problem (building apartments). So it either doesn't actually get spent, or else an infinite amount of money goes to landowners in the few neighborhoods you're allowed to build apartments in.

Portland has been doing some zoning improvements here, but there's lots of well meaning things like increasing IZ, which theoretically means more affordable housing except if you set it to high nobody can build anything.

And of course, they could do a good public housing agency… nobody is really serious about this unless they know what the Faircloth Amendment is and are trying to get it repealed. (Or Article 50 in California.)

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u/Eindacor_DS Jan 13 '23

I don't care if people get rich, I just don't like how society is structured to make very few people rich at the expense of everyone else.

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u/cayneabel Jan 13 '23

You're going to have to define "very few" and "rich."

I come from a former communist country where there was lots more "equality" - everyone was equally poor.

I'm happy to live in a country where there's a tiny subcategory of 1% "mega rich" and the next 95% still live like kings, compared to where I come from.

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u/Eindacor_DS Jan 13 '23

Things aren't fine just because they are worse elsewhere. I'm glad you think what we have here is better than where you're from, but it's still bad for society and bad for humanity.

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u/maxdamage4 Jan 13 '23

I'm okay with this one

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u/[deleted] Jan 13 '23

[removed] — view removed comment

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u/tttt11112 Jan 13 '23

Lol not defending Reddit but the idea that everyone who complains about inequality is a lazy bum is weird

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u/acehuff Jan 13 '23

Like a large majority of people living paycheck to paycheck are incredibly overworked.. but I guess if they don’t want to work multiple jobs anymore they’re considered lazy? Shits weird

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u/KingOfRages Jan 13 '23 edited Jan 13 '23

YES, we are upset that people are so rich that they can be called billionaires. it’s unfair, and our system shouldn’t allow for hoarding that kind of wealth. that’s a perfectly valid opinion, and calling people with that opinion whiners for expressing it just means you like the taste of boot.

/e he got banned(?) lololol

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u/Lessthanzerofucks Jan 13 '23

Seriously, these folks think “work very hard, make very big money” yet every statistic available shows the exact opposite is true. If you don’t start out with lots of money, you will not end up making lots of money no matter how hard you work. Exceptions to these statistics are extremely rare, but the moneyed class loves to amplify these unicorn stories so that people think everyone has a chance to crawl out of poverty.

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u/filthyrake Jan 13 '23

not taking sides, but it is worth noting that Tim Cook is one of those unicorn story examples/exceptions lol

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u/KrauerKing Jan 13 '23

Right so they love to wave it around as an excuse that it's possible.

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u/SoretomoOre Jan 13 '23

but why? We should societally provide healthcare, food, shelter, etc such that everyone can have access to a standard healthy, and secure life, but that probably doesn't require that other people not be rich. Is my life really substantially worse because Bezos can afford a bigger house than me?

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u/spader1 Jan 13 '23

We already do not provide healthcare, food, shelter, etc such that everyone can have access to a standard healthy, and secure life, and we see all the time that billionaires funding conservative campaigns, PACs, and political groups have a huge hand in that. The problem isn't that these people are wealthy, it's that they're so outrageously wealthy that they actively make life and society worse for everyone else.

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u/SoretomoOre Jan 13 '23

We already do not provide healthcare, food, shelter, etc such that everyone can have access to a standard healthy, and secure life

...right, which is why should do that and raise taxes proportionately to pay for it. There will likely still be some billionaires at that point, but why would I care if there's enough redistribution for everyone?

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u/spader1 Jan 13 '23

In a better version of this world, yes, you'd be absolutely right. We absolutely should raise taxes on the wealthy and raise them even more on the very wealthy so that we all can share in the enormous prosperity that their employees have generated but are for some reason not entitled to as much as the very wealthy.

But the very wealthy have used their immense wealth to make actually implementing those policies at the governmental level extremely difficult, which was always going to happen when wealth became so concentrated in so few hands. When people become wealthy they want to keep their wealth. This is fine; it's human nature to be self interested, and I'm not going to say that the wealthy outright don't deserve any of their wealth. But when someone becomes so wealthy that they can actually pull the strings of society to entrench their wealth forever at the expense of everyone else, that's when one's wealth becomes unconscionable.

So yes, I don't disagree that billionaires are a problem if the rest of society doesn't know scarcity, but billionaires have done observable damage to society's ability to be more equitable, and because of that allowing wealth to concentrate like that has been a clear failure that has hurt all of us.

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u/NotaChonberg Jan 13 '23

The reason we don't have those things is because of lobbying and propaganda from major corporations and the uber wealthy

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u/Kylesmomabigfatbtch Jan 13 '23

Maybe not yours, but the lives of every employee whose labor value was leeched off of by what is effectively some guy who has a piece of paper that says he has that right, and unfortunately, in a world where that paper’s declaration would be backed by armed police if threatened.

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u/SoretomoOre Jan 13 '23

obviously I'm not a leftist so I disagree with that characterization, but in any case that's my point. This is just about vitriol towards rich people, not about helping poor people, since we can already massive raise up poor people with social democrat policies.

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u/[deleted] Jan 13 '23

social democrat policies involve taxing billionaires until they're no longer billionaires, genius

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u/SoretomoOre Jan 13 '23

...no they don't? They involve taxing people such that necessary programs are affordable. It doesn't really matter if some people are still billionaires. The point is helping people, not taxing just for the sake of taxing

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u/Jimmy_Fromthepieshop Jan 13 '23

Being this rich is unfair though. Literally unfair.

Nobody, NOBODY can earn $50m a year. You haven't earned it, you've scammed other people - who do work hard - out of their money. All these mega rich these days are just parasites on humanity and parasites on the Earth's resources.

You think they care about you? They don't. They could make countless people millionaires by donating them their spare change. But they don't. They hoard it for themselves.

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u/EddieSeven Jan 13 '23

That’s not true at all. You, or any single person, doesn’t decide what earning $50M looks like.

People seem to think that ‘earning’ X amount of money has something to do with how much work goes into it, and that’s just simply not what it is. That’s why people get mad that they “work their ass off” for scraps, while others sit around making decisions and speaking publicly for millions.

It’s about what the market perceives as valuable. Tech is more valuable in the current market than other industries. And business perceive their leadership as more valuable than all the foot soldiers combined. A company’s employee workforce is typically the biggest cost a business has, but each individual worker is replaceable. They’re not valuable in the business sense. And no, the fact that these are human beings we’re talking about, isn’t being weighed in. Companies are built to make money, not to take care of people, even if that’s who is generating the income day to day.

Leaning into that perspective, Apple wouldn’t be worth a couple of trillion dollars if competent leadership wasn’t leading it in that direction. Paying millions a year for building a trillion dollar company looks like excellent value from that viewpoint.

You can say that the methods employed to get to billions or trillions are immoral or unethical. And you may even be right. But that’s just not what business looks at. If dude can return billions, he’s seen as worth paying millions. The methods are irrelevant to that.

Conversely, you’re talking about billionaires donating their “spare change” to make others millionaires. How is that earning anything? Why is it their responsibility to donate to humanity?

I certainly wouldn’t mind some handouts — I would like to get some millions myself. I get that it seems unfair that homeboy has billions and I have to struggle and budget. But life itself is not fair. Fair is not something you’re ever going to get. All you can do is play the game as it lays with the hand you are dealt to the best of your ability. And part of that is accepting the unfair truths. Which includes that hard work, in and of itself, has nothing to do with how much money you ‘earn’.

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u/SOSovereign Jan 13 '23

I think this comment gave me Reddit bingo

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u/DogAteMyCPU Jan 13 '23

Redditors aren't ready for this conversation. Wait until their lives are more directly impacted by wealth hoarding and capitalist exploitation. As of now it's just an inconvenience while they ignore it with consumerism.

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u/daiwizzy Jan 13 '23

i mean plenty of people earn $50m a year without scamming other people. musicians, athletes, movie stars, etc. hell, there are people who made that much selling video games that they made.

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u/specfreq Jan 13 '23

To expand on this: Musicians, athletes, movie stars, game developers and CEOs can create more value, than say a truck driver, because they are in a highly scalable business.

The difference in that truck driver receiving 120k and Tim cook receiving 50m is not because they earned that much it's ultimately the price to replace that worker with another of the same skill set. Floor moppers are a-dime-a-dozen and they work hard but there's only so many educated candidates to run a multi-billion dollar company.

People are right to be angry that some people can disgustingly wealthy while most are in poverty, but it's not Tim Cook's fault. The inequality has always been here, but now it has peaked because the capital scaling has reached a global level.

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u/Harborcoat84 Jan 13 '23

Plenty of supporting staff around musicians, athletes, and movie stars who don't see millions in compensation for the work that makes this level of income possible.

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u/TheyCallMeStone Jan 13 '23

Sorry if this is harsh, but that labor is much more replaceable than the talent of whatever act they're supporting. It's simply not worth as much.

0

u/Harborcoat84 Jan 13 '23

Picture this: it's 10am on Superbowl Sunday, and all stadium employees, broadcast crew, athletic trainers, and so on decide to walk off the job.

Last year's game generated around 15 billion dollars in revenue. How much is their collective labour worth now?

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u/TheyCallMeStone Jan 13 '23

Let me counter you an alternate won't-ever-happen scenario: all the players do the same thing.

Which one is easier to replace?

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u/PopcornBag Jan 13 '23

Yeah, folks aren't really grasping the situation here, especially when they're pointing out folks that require teams of people doing their part to be successful.

And to point out to folks just joining in: you don't need to scam someone to make millions. You can just do good ol' fashioned capitalist exploitation and wage theft (like what literally has to happen to make multi-millions and billions)

1

u/daiwizzy Jan 13 '23

except the guy literally said nobody can make $50m without scamming other people.

tom cruise made $100m for top gun. did he scam the film crew, the editors, other actors, etc? how about the minimum wage movie theater employees that made it possible for top gun to be shown in theaters? no he did not. tom cruise has no control over any of that. if lets say they decided that tom cruise was too expensive and they decided to cut him in favor of getting a cheaper main actor to pay the supporting actors more, would top gun maverick have done so well? no, absolutely not.

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u/dclarsen Jan 13 '23

People are not paid for how hard they work. They are paid for how valuable they are to their companies. The star athlete has a rare skill set is a valuable asset which brings in revenue - the groundskeepers are less so.

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u/Danielsuperusa Jan 13 '23

Nobody, NOBODY can earn $50m a year.

Why not? What does "earning" mean to you?

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u/TrueBuster24 Jan 13 '23

You’re getting downvoted for saying no one can earn 50m/year. They must have very high aspirations to make money this year! You better watch out!! They might just prove you wrong!!

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u/BlankkBox Jan 13 '23

Can’t tell if you’re just playing into the narrative at this point

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u/[deleted] Jan 13 '23 edited Jan 27 '23

[deleted]

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u/walden42 Jan 13 '23

The guy is running a company that brings useful gadgets to hundreds of millions of people on the planet. Can you put a price tag on what "fair" compensation for that is?

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u/gods-chewtoy Jan 13 '23

Whole lot of billionaire simps in this thread unfortunately

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u/TheyCallMeStone Jan 13 '23

You can earn as much money as people will pay you

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u/KingZant Jan 13 '23

That's my problem with all these "whataboutisms" where people will still go out of their way to point out another problem. Like, sure, while these things may be true, where does that get us? Why not celebrate the good changes? What's your solution?

Every single time I see people complain here I can't help but wonder "Okay, what are you doing about it besides letting it consume you?"

3

u/Diligent_Gas_3167 Jan 13 '23

But what makes it a "good change?"

The article does not say anything about how the money will be used instead.

2

u/sunderpen Jan 13 '23

Because this is an individual company making and individual decision about an individual employee. It's a drop in the bucket. It will ultimately do nothing in the grand scheme of things, the same way me giving a sandwich to a homeless man is kind of nice but won't solve world hunger.

The fact that a pay cut that large still leaves him obscenely wealthy in a country that can't even provide shelter, healthcare, or food reliably to all of its citizens is just evidence of how desperately systemic change is needed.

1

u/BabyStockholmSyndrom Jan 13 '23

He could literally give all his wealth away and Reddit will still be like "he's still a CEO!! He will just make the money back again!!!". Fucking pathetic ass people lol.

1

u/SteelxSaint Jan 13 '23

What a load of sanctimonious horseshit coming from you. We’re out here struggling to pay for food and you come with the tiny violin for the wealthy?

Fuck off.

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u/Seiglerfone Jan 13 '23

Me: castrating you with cogent criticisms

You: WAH YOU MUST LOVE RICH PEOPLE WAHHHHHHH

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u/BrazilianTerror Jan 13 '23

it shows that they’re just upset that other people are rich.

Yeah. I’m upset that people can be this rich while others can’t even pay for medicine or food. It’s the whole point of economic inequality. We want wealth to be better distributed because then more people would be better.

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u/Seiglerfone Jan 13 '23

Yeah, except whining when something happens that runs contrary to the exacerbation of wealth inequality shows that you don't actually have that opinion.

Maybe try replying to me instead of regurgitating the shit I'm criticizing you for not actually believing.

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u/quixotic120 Jan 13 '23

They’re upset some people are obscenely rich. Cooks estimated net worth is 1.7b, he has enough resources to never need a salary again. This is not the same as a ceo with a net worth of 4 million taking a 40% pay cut, cook likely won’t have a noticeable impact on quality of life even if this was an 80% cut

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u/Seiglerfone Jan 13 '23

That just furthers the point that they're just upset that other people are rich. Again, I'm not talking about whether wealth inequality still exists. I'm talking about people responding to this information with whiny sarcastic comments.

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u/jawknee530i Jan 13 '23

Uh huh. If he cut his salary by $1 would you also classify any negative comments and whining and not genuine?

Of course you wouldn't So you actually at some level understand that the complaints about CEO compensation are about being paid more than they could possibly deserve and more than they could ever need.

So since you understand that then why can't you understand that when people say CEOs should cut pay that it means to a level that is reasonable? And any cut that isn't to a reasonable level makes no difference, the same way that a $1 cut you would understand makes no difference.

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u/Seiglerfone Jan 13 '23 edited Jan 13 '23

If you're trying to equate a $1 and a $50M pay cut, you need to take a deep breath and promptly unfuck yourself.

I'm not interested in having a discussion about what CEOs should be paid in the first place. I'm pointing out the blatant ulterior motivation behind responding to this information with buttpained whining.

This kind of whimpering goalpost-shifting pseudo-absolutism is the exact same shit that the right spews endlessly, and it's twice as disgusting when it's coming from people I ostensibly agree with.

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u/_TheMeepMaster_ Jan 13 '23

People have a problem with wealth disparity and they're the problem?

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u/Seiglerfone Jan 13 '23

Yet more disingenuous whining.

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u/lazercheesecake Jan 13 '23

No it’s because Tim Cook made a huge portion of his wealth off the back breaking labor in foreign countries, notably Foxconn employees in China who have literally been killing themselves to make apple just a little bit more money. The 3 million he makes in salary alone could change the lives of those factory workers, but he doesn’t. They die so we can have our iPhones and Tim Apple can have his yacht

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u/SplitPerspective Jan 13 '23 edited Jan 13 '23

His every decision and influence affects the profitability of the company. Those decisions are worth a high compensation, how much is debatable but for a trillion dollar company he’s paid peanuts in relative terms.

He should split up his money? How about you divide half your salary to the homeless? I’m sure you could live on half as well.

I get this whole eat the rich anger, but you’d be just as much of a dick, if not worse, if you came to such wealth. And to think you won’t is more arrogant than the people you’re chastising.

As long as it’s legal, the anger should be directed at the system and its policies, not at the individual. You’re just jealous you’re not capable to thrive in the system.

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u/SarkHD Jan 13 '23

It’s not about how he should split up his money though. Apple is giving 1 person a compensation of $100m a year. While the rest of their employees make pocket change compared to that, and the work they outsource to factories overseas pays Pennies to people that are being overworked under awful conditions.

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u/SplitPerspective Jan 13 '23

Some people are worth more than others. Whether by luck, by privilege, or by hard work. But compared to any other time in history, we live in the best times now where one can improve their standing from birth, unlike caste systems or monarchies.

Can it be better? Sure. But direct that to politicians and policies.

Just as you can bitch about Apple’s CEO, what are you going to do about a billion other people complaining about a privileged life YOU are living? Right, ignore it right? And continue to wallow in your self righteous and victim mentality right?

The problem with people like you is that you do not have any real substantive solutions, and your anger is misguided towards the wrong parties all the time. Always making virtue signaling bullshit “well if he would cut his wages by xyz %, you can feed this many more people”, shut up…

…damn self-righteous hypocrite. You think you’re exposing something great and meaningful, but it’s all on deaf ears to the rational and pragmatic, especially when it’s gratingly hypocritical.

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u/gophergun Jan 13 '23

We're not talking about 100 or 1000 people though, we're talking about 65K. Only rewarding an extremely small proportion of the workforce is just insulting.

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u/SarkHD Jan 13 '23

Only rewarding the CEO is also insulting to the other 65k workers when they see the CEO making $100m in compensation for the year while the workers are making 60-200k or so a year.

2

u/ThePwnHub_ Jan 13 '23

he’s the CEO of a trillion dollar company though lol. of course he is making a shitload of money. not saying it’s right but the people who are working and making $150k a year are working jobs that would pay $150k a year at other companies as well. It’s just how the market values their job. without major legislative changes that’s how it is going to be. If we want to change it we have to vote for people that want to reign in these kind of extreme salaries

1

u/JayKayne_ Jan 14 '23

Seriously, he's the CEO of fucking Apple. The company that is worth more than half the countries in the world's entire GDP. And these people are upset he's making millions of dollars. Wtf. What do they want him to make? $250,000 the same salary the software engineers at apple make?

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u/oxide1337 Jan 13 '23

Who then deserves this money?

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u/EQTone Jan 13 '23

So your main reaction is to say, “Why can’t he give his money away?”

You people need to grow up.

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u/wrx_2016 Jan 13 '23

He could cut his salary to $0 and people would still find a reason to complain.

“Why doesn’t he use all his money to pay his employees?!?”

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u/LittleJerkDog Jan 13 '23

Out of interest how much should he earn? Considering he’s running the most valuable company on earth.

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u/grchelp2018 Jan 13 '23

More responsibility == more income. He doesn't need the money and he probably shouldn't even be working anymore but since he is, this is the way it goes.

Tim is rich and loves apple so that is why he's taking this pay cut. But if I were him after managing apple through everything that has happened, I'd just say "you think I make too much? Fine, I'll leave" and watch the shareholders panic.

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u/zacker150 Jan 13 '23

would be a life changing amount if broken up between 100 or hell even 1000 people.

But it would be literal pennies broken up between everyone that apple employs. Also, those pennies would be imaginary since they're the option to buy stock from Apple at the current market value.

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u/juptertk Jan 13 '23 edited Jan 13 '23

Apple currently has around 164,000 employees. If those $40 million are shared between all those employees, each employee will only get $242. The vast majority of those employees are in developed countries, so it's highly unlikely that that amount will be life-changing for them.

Arbitrarily choosing who will receive part of that compensation will even be more complicated than that. Imagine that the company you work for announces that it will give a $40 million bonus to certain employees. $40 million is a huge number in people's heads. Many of the employees will have a different work attitude after they discover they were not part of that $40 million dollar compensation or bonus.

And those are $40 million worth of Apple stocks. Those $40 million will be tied to how well Apple stock performs this year. A company or a CEO will not liquidate $40 million worth of stocks just to give it as a bonus to their employees, that'd just be insane.

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u/mdizzle40 Jan 13 '23

Doesn’t fucking matter…the dude cut 40 million, that is a shit ton even to the rich. God, people on here just want to cry, it’s like embedded in their characters at this point.

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u/SarkHD Jan 13 '23

Tim Cook’s net worth is 1.7 billion.

I don’t think 40 mil will make a dent.

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u/mdizzle40 Jan 13 '23

I’m not going to change the mind of an average whiny redditor like you but I meant generally. Y’all won’t ever be happy

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u/juptertk Jan 13 '23

Is Tim Cook supposed to work for free just because he has 1.7 Billion?

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u/charklaser Jan 13 '23

As Apple user and shareholder, I want the company to be run by a fantastic CEO and I'm happy that they compensate that position sufficiently to attract top talent.

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u/bayernfan25 Jan 13 '23

People circlejerk over a Japanese ceo doing it , but when a major American ceo does it it’s bad.

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u/Sneakas Jan 13 '23

It’s because Apple Bad.

19

u/BagOnuts Jan 13 '23

Apple bad. America bad. Capitalism bad. Did I get them all?

4

u/TorzulUltor Jan 13 '23

I think you need to add Elon bad now too. It's the latest rage circlejerk.

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u/NutInMyCouchCushions Jan 14 '23

Yep. You have to just say that money bad and being rich bad but remember to not provide any actual value to the conversation or solutions to any problems.

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u/Bluetooth_Sandwich Jan 13 '23

posted using the Reddit iOS app

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u/KernelFreshman Jan 13 '23

What Japanese CEO?

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u/joe-biden-updates Jan 13 '23

I think the Nintendo CEO also took a pay cut when the Wii U failed

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u/DoctorSteve Jan 13 '23

There's a difference in taking a pay cut as responsibility, with the insinuation that the money will be reinvested into the company to re-achieve success, and taking a pay cut for the shareholders to receive a personal benefit further down the line.

3

u/Inariameme Jan 13 '23

yeah he's taking a cut after a huge rise so, it's like more than it was in 2020

he's gone from 200x to 1000x and now what? 40 percent off that: 600x of what an average employee makes

https://fortune.com/2022/02/17/apple-investors-ceo-tim-cook-pay-package-iss/

2

u/ManiacalZManiac Jan 13 '23

The late Satoru Iwata

3

u/Robot_ninja_pirate Jan 13 '23

Haruka Nishimatsu CEO of Japan Airlines in 2009 I know used to come up a lot on reddit

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u/metaTaco Jan 14 '23

Maybe you've read stuff on Reddit from different people. It is a possibility...

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u/shifty313 Jan 13 '23

What a bad argument when your two examples aren't even contradictory views.

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u/chaun2 Jan 13 '23

I had to Google RIF cause I use Reddit Is Fun, and that's what RIF means to me....

For anyone else that is in the same canoe, Reduction In Force, aka layoffs

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u/themagictoast Jan 13 '23

It’s an Apple headline (I’m sure no one read more than that…) in r/technology so this comment section is hilariously predictable.

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u/goodolarchie Jan 13 '23

Apple hate has been replaced with Tesla/Elon. Keep up!

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u/4ofclubs Jan 13 '23

What do you want us to do, perform a song and dance celebrating the brave move that Tim Cook made with his pay cut? My question is why do y'all simp for billionaires?

"The changes come entirely from an adjustment in his equity award value, which makes up the bulk of Cook’s total compensation. In 2022, that value was estimated to be worth $75 million, but this year, that estimate drops to $40 million. His base salary of $3 million and his annual cash incentive of $6 million will remain the same. Bloomberg reported the pay cut earlier on Thursday."

This is all optics to make Apple seem like the good guy that cares, but in reality not much changes for him. They went public with it to get press, and press they got.

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u/PotterGandalf117 Jan 13 '23

My question is why do y’all simp for billionaires?

Does not ragging on them mean that we are simping for them?

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u/4ofclubs Jan 13 '23

Defending them is pretty much the same as supporting them, and I just don't get why anyone would do that if they aren't a billionaire themselves.

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u/[deleted] Jan 13 '23 edited Jan 27 '23

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u/4ofclubs Jan 13 '23

So the shareholders voted to lower his salary yet Tim Cook gets all of the credit for this brave move?

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u/[deleted] Jan 13 '23 edited Jan 27 '23

[deleted]

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u/4ofclubs Jan 13 '23

Shareholders said hold on then they changed course

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u/darkecojaj Jan 13 '23

I don't like the idea of people making +1 billion a year but I'll still appreciate someone taking a step in the right direction. 60% cut is still 60% better than before, even if they still make an unfathomable amount

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u/haxxanova Jan 13 '23

You really can’t make people happy on reddit.

Company has a RIF and reddit’s reaction is “shouldn’t the CEO look at cutting his own salary?”

CEO cuts his own salary and reddit’s reaction is “He’s still getting paid too much”.

Reddit is right on both accounts though.

The world is a mess. People should be able to eat and feed their families across the board without wondering every single fucking day how they are going to do it.

Fuck everything else.

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u/Mazing7 Jan 13 '23

Reddit comments are made by 10% of Redditors.

Those 10% are likely the vocal minority

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u/darksemmel Jan 13 '23

Yeah you say that, but the remaining 90% upvote the same stuff - otherwise it wouldn't be the top comments here.

So I am not sure that its actually a minority

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u/BeautifulType Jan 13 '23

Only 5% of Reddit actually upvotes regularly

Believe it or not but social media is basically at the mercy of manipulation and follow the leader

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u/-k1llsen Jan 13 '23

I'm not sure about that, take youtube as an example,a video could have 10 million views and 100K likes, maybe a few thousand comments but that still means the majority of viewers didn't upvote or downvote the video.

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u/Bourbone Jan 13 '23

“How can I make this news about my anger?”

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u/[deleted] Jan 13 '23

Redditors are disgusted at his compensation being so high. Like he's the CEO of a $2.1Tn company. What is fair compensation?

2

u/Tonetheline Jan 13 '23

Both things are true tbh.

CEO pay like this is obscene really. Tbh I can’t even imagine what you do with it. Invest? What’s the point? Tax dodge? Maybe but even if you paid your taxes honestly you’re still earning so much more than you could know what to do with.

I guess you don’t really get these roles unless you have a very active greed in you, so to them hoarding all is probably the point… but yeah, it’s just an unfathomable amount of money to me to get every year.

2

u/stealthmodeactive Jan 14 '23

Because capitalism is broken and he will still make more than you and I combined in a lifetime, probably. I think people want less extremes on the upper and lower end of income. More of a fair split.

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u/Josip666 Jan 13 '23

Nothing can make me feel sorry for Tim.

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u/Gcarsk Jan 13 '23

You are delusional. His “reduced pay” is still 300% above his 2019 compensation. Which in itself was already tens of millions above what it should be.

3

u/my9rides5hotgun Jan 13 '23

Company I work for just fired 10% of their staff yesterday after getting a new CEO recently. Would much prefer he take a pay cut to all those people losing their jobs so he can get a large bonus.

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u/gods-chewtoy Jan 13 '23

You really can't make people happy on reddit.

Yeah, it probably has something to do with this being one of the handful of guys hoarding all the money in the world and I'm guessing 90% of the people in this comment section being one paycheck away from homelessness, but go off

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u/GhostofDownvotes Jan 14 '23

I’m guessing 90% of the people in this comment section being one paycheck away from homelessness, but go off

Wow, people in this comment section suck then.

3

u/Zaros262 Jan 13 '23

You really can't make police officers happy.

I drive 100 mph through my neighborhood and the police officer's reaction is like "that's way too fast!"

I slow down to 50 mph through my neighborhood and the police officer's reaction is "you're still going too fast".

How can he still be upset with me after I slowed down so much?

3

u/RodeoClip Jan 13 '23

Shut the fuck up, capitalist sympathizer.

2

u/PotterGandalf117 Jan 13 '23

Typical Reddit

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u/apersello34 Jan 13 '23

Reddit will only be happy if he makes minimum wage

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u/spookynutz Jan 13 '23

I get the point you're making, and I have no opinion on Tim Cook one way or the other, but he is 63 years old, and it is believed he will retire in 2025/26. AAPL is down 30% over the last 12 months so he had to throw shareholders a bone. This change will primarily affect his successor, not him.

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u/tothesource Jan 13 '23

"This article wasn't aimed at making you feel sorry for Tim Cook."

He still makes exponentially more than the average employee, especially with the equity angle. This is a complete non-story other than good PR for apple.

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u/Yangoose Jan 13 '23

One thing that never changes is highly upvoted posts rushing to defend one of the richest companies on the planet.

He made over $100 million a year during the pandemic and now they're going two only three times what he made in 2020.

What a hero.

2

u/cheq Jan 14 '23

Bot farms and whatnot

2

u/benderunit9000 Jan 13 '23

People are allowed to feel and think things.

2

u/kslidz Jan 13 '23

I........... what?

"people complain that I murdered a million people last year I only murders 100 this year and people are still unhappy. how can I win?"

like yes he should reduce his pay AND 40% isn't enough.

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u/hypedad__ Jan 13 '23

Both things can be true. He WAS making too much, and he is STILL making too much.

Honestly the position of CEO should be eliminated, automated, or democratically distributed.

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u/[deleted] Jan 13 '23

I hate reddit but I self loath so you can see why I'm here

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u/m703324 Jan 13 '23

The thing is it sounds something like one Saudi sheikh is going to use 40% less slaves for some projects. Like.. yay! I guess. I mean it doesn't feel like anything will change for anyone. It's non news. Just PR. He's not losing money. Nobody else is getting any money. Most probably it's even useful for him and he'll gain more

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u/Hugh_G_RectionESQ Jan 13 '23

It’s reddit, everyone is outraged at everything.

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u/drawkbox Jan 13 '23

Apple is an American company that is winning, foreign entities and astroturfing will never stop attacking them. Same with Amazon, Google, Microsoft and more. It is all just competition and marketing.

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u/-Pancakemix- Jan 13 '23

Fr; people need to get over themselves.

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u/Ayn_Rand_Food_Stamps Jan 13 '23

Still getting paid too much, don't care that it happened, make it happen more lmao

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u/croix153 Jan 13 '23

Reddit is full of kids who don’t understand the real world. Don’t get bent out of shape over it.

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u/HotTakes4HotCakes Jan 14 '23

Oh no the poor CEO isn't getting a fair shake on Reddit?

Thankfully people like you were here to defend him. I'm sure he's proud of you.

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u/darkness1685 Jan 13 '23

/r/technology and /r/antiwork are the same sub now

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u/distobuccalgroove Jan 13 '23

This article wasn't aimed at making you feel sorry for Tim Cook. It was simply pointing out what happened.

This article is ruling class propaganda to sanitize their for-profit exploitation of the working class.

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u/AxiomOfLife Jan 13 '23

You can make people happy, and this isn’t going to do that. That’s the issue.

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u/SPKmnd90 Jan 13 '23

I was thinking the exact same thing.

Another example is the other day when there was a post about a cop getting fired for shitty behavior and the response was, "I like how they'll fire him, but not the other shit cops."

Like, seriously?

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u/dennison Jan 13 '23

He's not cutting his salary out of the goodness of his heart though, and I seriously doubt the savings will affect Apple's bottomline.

It's about sending a message in order to get sn emotional response.

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u/Sangui Jan 13 '23

You really can't make people happy on reddit.

Reddit is not a monolith. There are millions of people on reddit as a whole, and there's literally no way to get that many people with disparate feelings views countries of origin etc etc etc to ever agree. There are 12 million people subscribed to this sub, and the highest upvoted thing ever is 147k. That's just about 10% and that definitely was because it hit /r/all and /r/popular as well.

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u/PotterGandalf117 Jan 13 '23

Obviously when people talk about "reddit" in that way, they are referring to the comments that always get upvoted, which are usually all the same

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u/travisjunky Jan 13 '23

I just love the complaining about the wealthy without a solution. Most arguments about capitalism being bad are so ignorant. Unchecked capitalism is bad.

There should be a rule where your lowest salary must be a certain percentage of your highest salary. For example, your highest paid salary can’t be more than 100x your lowest paid salary. So if you want $400,000 a year, better pay your lowest level employee at least $40K a year. These are obviously arbitrary numbers but you get the idea. Bonuses can’t exceed 10% of the median salary or something like that.

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u/stmfreak Jan 13 '23

No, this article was aimed at convincing everyone to prepare for paycuts to fight inflation. See, even Tim Cook is taking a pay cut.

The government wants everyone to believe that high salaries cause inflation. Don’t believe those Austrian Economist who tell you that high salaries are a response to inflation.

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u/Ake-TL Jan 13 '23

Antiwork sub quickly devolved from advocating for work reform to constant bitching

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