Apple CEO to give away most of his fortune

The CEO of Cupertino, Calif.-based Apple Inc. (Nasdaq: AAPL) plans to give away the bulk of his fortune, according to The Associated Press.

Tim Cook, 54, has said after he pays for his 10-year-old nephew’s college education, he would donate the rest of his money to philanthropic causes. Most of his wealth is tied up in a restricted grant Cook received in 2011 when he took over the executive position held by Steve Jobs. The estimated value of that grant is $860 million.     

Since Cook took over Jobs’ post, Apple’s stock has more than doubled and the company has paid out around $27 billion in shareholder dividends.

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