Apple CEO Tim Cook plans to donate all his money to charity

Apple CEO Tim Cook made a surprising announcement last week. The multimillionaire revealed that when he dies, nearly his entire fortune will go to charity. Cook will allow a small amount to be used for his 10-year-old nephew’s college fund.

The tech mogul is currently worth about $120 million, based on his Apple stock holdings but will gain an additional $665 million if the restricted stock holdings are fully vested.

Cook has taken public stands on issues as varied as immigration reform, LGBT rights, and the fight against AIDS, and hoped to continue impacting societal problems. “You want to be the pebble in the pond that creates the ripple for change,” he told FORTUNE.

“I’ve certainly been given a lot,” he said in regards to his desire to help others.

Cook’s approach is in line with others in the nation’s one per cent – such as Bill Gates, Mark Zuckerberg, and Warren Buffet – who donate heavily to philanthropic causes and intend to donate most or all of their wealth.

Steve Jobs’ successor has given millions on his own and on behalf of Apple. Over $40 million was gifted to the Thurgood Marshall College Fund, which provides scholarships and grants to students attending historically black colleges and universities. Another $50 million went to Stanford University to build new hospital buildings.

Gates and Buffet, whose internet worths have been in the billions, founded the Giving Pledge 5 years ago. Over 128 from the world’s richest families have became a member of them in carrying out to giving over fifty percent of the wealth to charitable organisation.

Other Giving Pledge members include former New york city Mayor Michael R Bloomberg, designer Diane von Furstenberg, and people from the Bronfman, Rockefeller, and Hilton families.