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Apple's Board Says Tim Cook Has to Fly Private from Now On (2017)
- sebbean 8y agocool story bro?
- smaili 8y agoFor those thinking "What about Jobs?", the article actually alludes to it at the end: > On a historical note, Cook's predecessor Steve Jobs actually had a private jet all his own: Apple gifted it to him in 2000, a few years after he came back to the company in 1996, as a thank-you present for turning around the company. Apple actually reimbursed Jobs for any time he had to take the jet out for business purposes.
- Waterluvian 8y agoWhen he's "gifted" a private jet. Are they literally giving him a plane or does that just mean they'll pay for the use of a chartered private jet?
- VectorLock 8y agoSounds like they actually gave him a jet. If they just chartered a private jet for him whenever, they wouldn't reimburse him every time he used it for business purposes.
- cabaalis 8y agoAmazing to imagine that a non-personal use of the plane would require the company to reimburse me!
- mikeash 8y agoApparently it was literally gifting him an airplane. > After Jobs' death, Apple's design chief, Jony Ive, purchased that jet, with Ive said to have quipped "at least I don't have to redesign anything."
- yawz 8y agoThe mention of "reimbursement" would indicate that it was a real gift.
- wmf 8y agoJobs had his own jet (now owned by Jony Ive https://www.cultofmac.com/296364/jony-ive-now-owns-steve-jobs-gulf-stream-jet/ https://www.cultofmac.com/296364/jony-ive-now-owns-steve-job... )
- oldManRiver 8y agohttps://www.cnet.com/news/apples-jobs-gets-jet-shares-in-bonus/ https://www.cnet.com/news/apples-jobs-gets-jet-shares-in-bon...
- JumpCrisscross 8y ago> Are they literally giving him a plane or does that just mean they'll pay for the use of a chartered private jet? The former is in almost all cases cheaper than the latter. Fuel, pilots, landing charges, storage, maintenance, et cetera are the expensive parts of plane ownership.
- Waterluvian 8y agoPlus I imagine he has to pay tax on the gift. Sounds expensive. I'll stick to chartering quadrotors.
- btian 8y agoRich people don't charter jets because it may not be available when you need it. I've seen people who are not even nearly as rich as Jobs own two jets, and there are a lot of them in SJC.
- merb 8y agowell I always thought that it was gifted to him, since he actually worked for 1 symbolic dollar over a certain period of time?
- gumby 8y agoThey "gifted" it? What's wrong with the word "gave"?
- gbacon 8y agoIt’s ambiguous: gave as in reserved a company asset for his use or gifted it to him personally?
- mikestew 8y ago"Gave" misses the subtleties of "gifted". There's a reason that English has lots of words that almost mean the same thing.
- Turing_Machine 8y agoRight. You could say that your employer "gave" you a cubicle or a parking spot, but that would not imply that the cube or the parking spot actually became your personal property.
- trillic 8y agoSomeone somewhere determined the risk of him flying commercial was more than the cost of him flying private.
- rconti 8y agoI would think, arguably, the private jet itself is less safe than commercial, but I don't have any stats to back that up. When you add in personal safety (from other passengers), maybe for a high profile person, the private jet is safer. And obviously it's good in the interest of efficiency.
- dv_dt 8y agoMy first thought too: http://time.com/2807413/safe-private-jets/ http://time.com/2807413/safe-private-jets/ The article seems to conclude that private jets seem to be a little less safe than commercial jets, and they hint at, but don't/can't pick apart sub groups of say a corporate maintained jet vs a charter jet.
- rconti 8y agoGood find, thanks! It's much closer than I'd think. Not that I previously would have been afraid to fly a private jet, but those stats would greatly comfort me. Now, per passenger-mile, that's not so good, but when you're deciding how to fly a person from point A to point B, you care more about crashes per hour, which is the stat they use. Also, sharing this typo because it amused me. > Indeed, the very hottest business jet out there right now is Gulfstream’s long distance G650, which retails for about $65 million but is already selling for about $75 billion in the secondary market. The waiting list is four years long.
- redblacktree 8y agomillion and billion? As in, ~1,000x the retail price on the secondary market?
- 8y ago
- ezequiel-garzon 8y ago(2017)
- Bankq 8y ago> All told, Cook made $12,825,066 at Apple in 2017 -- including a $16,200 contribution to his 401(k) retirement account from the company. $16k 401(k)really? Is that from a legal requirement?
- ianferrel 8y agoI'm sure he has an accountant handle that stuff. It's (tax) free money, why not take it?
- drakenot 8y agoWhy wouldn't he contribute the 2017 max of $18,000?
- refurb 8y agoIt’s not his contribution. It’s the company match.
- bgentry 8y agoThe $16k figure sounds like the amount that Apple contributed on Cook's behalf via matching funds.
- Retric 8y agoIn 2017 companies may only use up to $270,000 when calculating company matches to a 401k * whatever their max limit is for normal staff. 275 * 6% = 16.2k which sounds about right. https://www.irs.gov/retirement-plans/401k-plans-deferrals-and-matching-when-compensation-exceeds-the-annual-limit https://www.irs.gov/retirement-plans/401k-plans-deferrals-an...
- tedmiston 8y agoThis seems like the most logical answer in the thread
- 8y ago
- urda 8y agoCan we tag this [2017] ?
- codetrotter 8y agoOnly if we use the correct form of parentheses.
- evadne 8y ago[2017]
- deleted 8y ago[deleted]
- abledon 8y agoApple hits 1 trillion in value. Canada gdp : 1.7 trillion Catching up!
- s0rce 8y agoNot really apples to apples, pardon the pun. Total value of Canada is much higher.
- tempestn 8y agoYeah, comparing GDP to market cap doesn't really make any sense. Revenue to GPD would be a bit closer, but still really apples to oranges.
- deleted 8y ago[deleted]
- phowat 8y agoThat's comparing apples to oranges. GDP measures production/income, not really comparable to market value.
- Leary 8y agoThe total market cap for the Toronto Stock Exchange is $2.2 trillion, for example. As an American, I would love Canada to become even better off economically than they are today, which is pretty comparable to the US on a per capita basis.
- 1stranger 8y agoPretending Apple market cap is 1T and Canada's GDP is 2T is it not just saying "If you took half of all goods and services sold in Canada for 1 year you could buy Apple"?
- mikestew 8y agoThat's like comparing your salary to my net worth, and trying to glean some meaning from that. All this says is that on Canada's salary, they could surpass Apple's net worth in under a year.
- pbreit 8y agoThat seems rather dumb. Flying private it one of the all-time productivity enhancers in both minimizing travel time and maximizing in-transit work-time.