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/Thetacoseer Jan 13 '23

2nd paragraph of the article. His base pay and cash incentive are not changing. His equity compensation is being reduced 40%, which takes his total target compensation down from $84m in 2022 to $49m in 2023

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u/TravellingReallife Jan 13 '23

Might need to cut out the avocado toasts.

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u/trouserschnauzer Jan 13 '23

Definitely going to have to do without eggs for a bit.

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u/CUM__IN__ME__BRO Jan 13 '23 edited Jan 13 '23

Haas avocados are literally like a $1.20 each. I could eat a haas avocado everyday of the year for less than like a 438*** bucks. Edit: my math 👎

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u/thelowgun Jan 13 '23

Might wanna redo your math there...

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u/camshas Jan 13 '23

If I had $84 million I would give $74m away and retire

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u/DamonIGuess2 Jan 13 '23

I would want more tbh.

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u/camshas Jan 13 '23

I admit I may also have that itch, lmao.

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u/ssbm_rando Jan 13 '23 edited Jan 13 '23

It's not just an "itch" lmao, saying "yes I would instantly retire on $10 million" is just demonstrating a completely ignorance of economic realities. Unless you're already retirement age (at which point it'd take a rather sudden economic collapse for that base value to not be enough), there's no guarantee that your retirement accounts do well enough to actually sustain you on that for the rest of your life unless you literally want to retire to a life of having almost no fun at all ever. The world is a cold and unforgiving place.

Edit: poor people who are scared of being unable to retire are downvoting me, wonderful

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u/Xperimentx90 Jan 13 '23 edited Jan 13 '23

poor people who are scared of being unable to retire are downvoting me, wonderful

Or people who obviously realize you can still invest the bulk of that $10M while retired and continue to get returns.

Even if you only made 1 single percent on $10M that's 100K a year (and 1% is far lower than the historical average), more than the average person makes, without even touching the $10M.

Anyone who thinks you can't survive on $10M for your entire life is an idiot.

Edit: Some quick googling says the average person doesn't even spend half of that from birth til death.

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u/camshas Jan 13 '23

Lmao the responses I'm getting are so weird. If I never made any interest on that $10m I could spend 5x more per year than I've ever made in a year for 65 more years.

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u/CatInAPottedPlant Jan 13 '23

They're downvoting you because you're an arrogant moron, plenty of people retire well before retirement age with less than half of that much. There's even entire subreddits for it, /r/financialindependence for one.

If you plan your retirement around the collapse of society or the economic system, you can't retire on any amount.

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u/CatInAPottedPlant Jan 13 '23

Genuinely curious, why? What would the material difference be? Just curious.

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u/throwaway1212l Jan 13 '23

Says everybody that doesn't have $84 million.

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u/dodexahedron Jan 14 '23

I'd put the 74m in a trust with growth potential and donate its proceeds every year to charity til I die, at which point the executor would have the option to close out and donate the rest or continue.

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u/camshas Jan 14 '23

That's a good plan too, but I personally just wouldn't want to ever have to deal with stuff like that if I had enough money to not have to. There's enough people like you out there that would be happy to

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u/dodexahedron Jan 14 '23 edited Jan 14 '23

That's the thing about a trust. You don't have to! You appoint an executor and they manage it for you by the terms of the trust. 😁

It's also something to think about if you're ever in a position to leave anything to your children when you die.

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u/CatInAPottedPlant Jan 13 '23

I would retire on 10m, spend the other 74m on letting everyone who's ever been good to me also retire, and whatever is left I'd spend on some kind of public good, like an observatory for my university or something that I could use and be a part of but would also outlive me.

I'm 24 and already make 6 figures, I hope/plan to retire as soon as I can (35-40) and spend the rest of my time hiking and traveling and actually enjoying my life. Having an extra 10m would just give me a lot more freedom, but adding another 74m on top has diminishing returns I'd expect. Unless your main hobby is consumerism or hoarding.

Fun to daydream about anyway.

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u/[deleted] Jan 13 '23

[deleted]

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u/camshas Jan 13 '23

Can't I just take $10m there?

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u/BrazilianTerror Jan 13 '23

Why? This is such a stupid take. Just because someone doesn’t want a lot of money doesn’t mean they don’t have any financial literacy. Choosing to hoard a lot of money is a moral issue not a financial one.

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u/[deleted] Jan 13 '23

[deleted]

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u/BrazilianTerror Jan 13 '23

Why would create a new non-profit be more effective? Firstly you’d have to know how to run a non-profit. If you don’t know then you’re gonna waste a lot of money.

Second, if you’d just pay someone to manage it for you, then you’re just adding more overhead of managers by creating another non-profit instead of donating to a competent existing one.

You cited the Gates Foundation as a “good non-profit” but that’s absolutely not true. The Gates Foundation doesn’t really acts in the interest of the greater good, it acts as an way to benefit Bill Gates investiments, and sometimes that aligns with the “greater good”. For example, the Gates Foundation( and Gates himself) are in favor of giving Oxford’s vaccine patent to AstraZeneca instead of making it public so that poor countries can produce it cheaper. How does that is positive?

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u/[deleted] Jan 13 '23

[deleted]

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u/camshas Jan 13 '23

I know of several nonprofits that could do more good than I'd ever be able to imagine up with that kind of lump sum, I'll let them take care of it when I'm handed $84m

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u/BrazilianTerror Jan 13 '23

You have more money than 90%+ of non-profits, you can hire competent managers

Or, you know, you can donate to the 10% less of non-profits that already has competent managers.

is practically nothing in the scheme of 100s of millions of dollars

It’s not that amount though. It’s “just” 84 million.

It’s extremely effective in supporting the non-profit work that Gates wants to carry out

I’m not sure it is “non-profit” since it actually benefits Gates other investments. And I don’t really know the numbers of it to measure it’s effectiveness. I know that it reaches some of Gates goals but how much does it cost? Couldn’t it be done cheaper and better? Like if their goal is to “vaccinate everyone against covid”, making it public would be more effective than making it private, but it would certainly be against the interest of private pharma companies, which Gates has a lot of investment in.

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u/caiodfunk Jan 13 '23

How will he be able to live? Pay check to pay check like the rest of us?

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u/Yangoose Jan 13 '23

Yeah, but he "only" made $20 million in 2020.

It's only a "pay cut" from his hugely inflated pandemic profits in 2021 and 2022.