Apple CEO is now a billionaire

His salary is $3 million a year

Apple CEO is now a billionaire
Bloomberg reports Tim Cook's estimated net worth skyrocketed to $1 billion as Apple shares jumped last week. (Source: Apple, CNN)

(Gray News) – Tim Cook has been the top executive at the world's most valuable company for nearly a decade, but he recently hit a new milestone.

Bloomberg reports Cook’s estimated net worth skyrocketed to $1 billion as Apple shares jumped last week.

Here’s the math.

Cook has a base salary of $3 million. His Apple shares are worth about $375 million

The rest of the billion comes from his sizable stock awards and other forms of compensation.

Bloomberg based its projection of the CEO's net worth on an analysis of the company's regulatory filings.

Apple as a company is worth nearly $2 trillion.

Copyright 2020 Gray Media Group, Inc. CNN contributed to this report. All rights reserved.