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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145

u/bayernfan25 Jan 13 '23

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

84

u/Sneakas Jan 13 '23

It’s because Apple Bad.

18

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.

0

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.

1

u/Watertor Jan 15 '23

Lol what solutions need to be offered? It's simple. Tax the rich, tax their corporations, tax their massive piles of stock options that allow them to say "Well I don't ackshully have 144 billion on hand :emoji:" and for good measure pass legislation to raise min. wage and also enforce a revenue based payment so large corporations doing gangbusters can't just lean back and go "Well we hit the minimum :emoji:"

it's simple shit, it hasn't happened and likely will never happen because the very same billionaires and heavy millionaires lobby against these changes that would slightly slow down their nested doll ultra yacht lifestyle. And there's nothing anyone in this thread put together can do outside of well-placed molotovs, and I'm too cowardly to do it as is the case for everyone else. So here we sit. Let us be pissed about it.

1

u/Bluetooth_Sandwich Jan 13 '23

posted using the Reddit iOS app

-6

u/TheRavenSayeth Jan 13 '23

Also dishonorable fat american bad

0

u/Armejden Jan 14 '23

Dishonorable, lmao okay weeb

3

u/KernelFreshman Jan 13 '23

What Japanese CEO?

8

u/joe-biden-updates Jan 13 '23

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

8

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/

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u/ManiacalZManiac Jan 13 '23

The late Satoru Iwata

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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

1

u/metaTaco Jan 14 '23

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

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u/Cash091 Jan 13 '23

It's not that it's bad... It's just a bone they're throwing to distract you from the massive feast they are having.

Theyade $170,000,000,000 in gross profit last year. They could afford to literally give every employee from the top down a $500,000 bonus and still turn a massive profit.

Take their cash on hand and divy that out to every employee. It would literally be life changing for a LOT of people.

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u/[deleted] Jan 13 '23

Gross profit doesn't account for fixed costs, only the cost of goods/services. I'm staunchly anti-corporate but we need to be using the correct metrics, not just what sounds good.

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u/Cash091 Jan 13 '23 edited Jan 13 '23

Is it net income then? Because that was just shy of $100,000,000,000 (edit: 3 extra zeroes) Which still allows for insane bonuses for all 165 thousand employees.

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u/JackiieGoneBiking Jan 13 '23

Wouldn’t that be just 600$/employee? And after that a lot of problems for the company.

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u/Cash091 Jan 13 '23

I was off by an order of magnitude. It's supposed to be 100 billion.

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u/GhostofDownvotes Jan 14 '23

Bro, they didn’t get to 165k employees by distributing all their earnings. I swear, if companies were run by Reddit, they would all still have less than 5 people working for them from mom’s garage.

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u/TLettuce Jan 13 '23

Apple's revenue was the 6th highest in the world at 394 billion in 2022.

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u/elafante Jan 13 '23

Revenue != profit. This isn’t to say apple isn’t profitable, but that another metric should be used, as high revenue companies still go insolvent from time to time. All revenue tells us is the size and volume of sales of the company. You can’t just look at a company’s revenue and make a meaningful conclusion on how it treats its workers.

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u/TLettuce Jan 13 '23

Look I'm not going to argue with you.

'Well we don't ACTUALLY know that Apple is making money' is probably not a great hill to die on and proving that they are would feel like taking candy from a baby. So you just go ahead enjoy that sweet sweet bliss of being 'technically' correct. : )

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u/elafante Jan 13 '23

Or you could just go and get their actual profit figures.

We have to make an effort to make our arguments precise, otherwise they will be dismissed as people who don’t know what they’re talking about. We can’t build change in flawed statistics and finance.

0

u/TLettuce Jan 13 '23 edited Jan 13 '23

If you don't like the information I provided you are more than welcome to bring your own. : )

Edit:

This person clearly can't be F'd to bring their own info to the table but absolutely loves sounding smart and totally dismissing everything that is put forward. I'm not catering to the whims of the shifting goalposts man. What next do I have to break down the 10-K?? Are they scared of the truth??

Anyone with more than 2 brain cells knows Apple (who has a market cap of 2.14 trillion and is the highest weighted company in the S&P 500) makes money. You can spend 2 seconds on Google and look up whatever number you like. If you want to ignore revenue as 'not useful' then you are a complete and absolute idiot. If you want to take gross profit as the ONLY number that matters then how unbelievably ironic.

Go ahead just keep downvoting me. Say it's not enough. Stick your head in the sand and keep pretending Apple isn't making money hand over fist. Bliss baby.

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u/REVfoREVer Jan 13 '23

Nobody is arguing with you man, they're just saying there are better figures to use. And yes, the 10K is a great source of that information.

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u/TLettuce Jan 13 '23 edited Jan 13 '23

My point is that with a company like Apple in THIS context going deep into those stats this way is totally unnecessary.

It's insanely common knowledge and you don't have to give super specific numbers to say 'yeah Apple makes a lot of money.'

This person talking about how 'we need this number and not that number for the good of human kind' is such bs semantics and grandstanding. Not only is it not helpful (like what does it prove? To say yeah they make money but... yeah they make money but... yeah they make money but...) it's entirely counterproductive to the original conversation and wastes everyones time.

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u/acelana Jan 13 '23

Apple employees are definitely making bank lol

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u/PolicyArtistic8545 Jan 13 '23

So basically stealing money from the investors who own the company?

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u/cappz3 Jan 13 '23

Gross and net aren't the same

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u/Cash091 Jan 13 '23

Their net is still $100,000,000,000, so the point still stands.

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u/DuRat Jan 13 '23

Tell me you have no idea how a business operates without telling me you have no idea how a business operates.

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u/Cash091 Jan 13 '23

I wasn't trying to say I do. I was literally just pointing out the massive amount of money apple makes.

1

u/SixGeckos Jan 13 '23

Apple employees get paid a lot. Why are you so obsessed with needlessly giving away extra money?