Apple’s CEO Tim Cook plans to give away his wealth

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Apple’s CEO Tim Cook said in a Fortune article that he plans to give away his entire fortune, after setting money aside to pay for a 10-year-old nephew’s college education.

His net worth was estimated at about $120 million, based on the amount of Apple stock he owns. Cook also owns restricted shares that could be worth $665 million if they become fully vested.

Cook told Fortune that he has been donating money discreetly, but intends to adopt a more systematic approach.

He did not specify causes he might target. Cook has spoken out on issues including civil rights, AIDS, immigration reform, and protecting the environment. Cook, 54, last year became the first openly gay chief executive of a Fortune 500 company.

A Giving Pledge movement launched by billionaires Warren Buffet and Gates urges the world’s richest people to give the majority of their wealth to philanthropy.

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