Unlocking Word Meanings
Read the following words/expressions found in today’s article.
- proceeds / ˈprəʊsiːdz / (n) – the sum of money earned from an event, investment, etc.
The proceeds from the concert will be donated to charity.
- on hand / ɒn hænd / (idiom) – readily available
He always keeps extra money on hand in case there’s an emergency.
- rise through the ranks / raɪz θru ðə ræŋks / (idiom) – to continue advancing in one’s career
I started my career as a writer and rose through the ranks to become the editor in chief.
- succeed / səkˈsid / (v) – to come after and take the position of someone or something
Ms. Jones succeeded Mr. Smith as the team’s supervisor after he resigned.
- predecessor / ˈprɛd əˌsɛs ər / (n) – someone who held a job or position before the current one
Before I took over, my predecessor had held this position for almost ten years.
Read the text below.
Apple CEO Tim Cook has now reached billionaire status, according to an analysis by financial company Bloomberg.
Cook’s fortune comes from his salary, his shares in Apple, and the proceeds from the sales of his shares. In 2019, his annual base salary amounted to $3 million, and he received an incentive pay of around $7.6 million. Currently, Cook holds around 0.2% of Apple’s shares, which is equivalent to almost $375 million.
Although Cook’s properties, investments, and cash on hand are not disclosed to the public, his net worth is reportedly more than $1.02 billion.
Since Cook is not the founder of Apple, his billionaire status is considered rare. Most of the world’s billionaires are founders of their own companies, like Bill Gates and Mark Zuckerberg, who founded Microsoft and Facebook, respectively. Although Cook’s net worth has reportedly hit the $1-billion mark, it is still much lower than that of Gates, Zuckerberg, and other tech CEOs, whose wealth has reached hundreds of billions.
Cook joined Apple in 1998 and rose through the ranks, serving as chief operating officer and executive vice president. In 2011, he succeeded Steve Jobs as CEO after the Apple founder resigned.
Apple prospered under Cook’s leadership, which led to the development of new products like the iPhone X and the Apple Watch as well as a market value of almost $2 trillion.
Cook is known as a workaholic who is extremely dedicated to growing the company. Compared to his predecessor, though, he has adopted a more measured and careful business approach when developing products.
Enjoy a discussion with your tutor.
• Do you think Cook’s actual net worth should be disclosed to the public? Why or why not?
• Do you think it’s important to disclose the names of people who have reached billionaire status? Why or why not?
• If you were a billionaire, what would you do with your fortune? Explain.
• What do you think regular people can do to become rich? Discuss.