Apple CEO Tim Cook saw a substantial increase in his net worth when Apple’s stock spiked due to the release of the company’s new iPhone.
Apple’s stock first broke a record when it reached $168.07 Monday before soaring past that thanks to the release of the new iPhone X. The newest iPhone is Apple’s most advanced smartphone ever made, released a decade after the original iPhone. Apple’s stock ended up hitting an all-time high of $174.10 on Friday before closing at $172.50.
Cook’s estimated net worth surged to $666,497,782 Friday — meaning he made upwards of $34 million over the week, according to Dan Marcec, director of content at Equilar, which is a data-focused company that reports on CEO compensation. This estimate is based on Cook’s shares and options in both Apple and Nike, where he serves on the board of directors. It does not include any property he owns or additional assets that may be in his portfolio, which means Cook’s actual net worth is likely much higher.
His total net worth is up from $630,225,273, which was his estimated fortune on Friday, Oct. 27 — prior to Apple’s stock surge when the markets opened Monday.