Apple CEO Tim Cook joins long list of magnates committing to donate most of their to charity

Markets Associated Press

Apple CEO Tim Cook is joining a long list of magnates promising to give away most of the wealth that they amass during their careers.

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Cook mentioned his intentions in a story about him released Thursday by Fortune magazine. After paying for the college education of his 10-year-old nephew, Cook says he will donate the rest of his money to philanthropic causes.

The charitable commitment echoes pledges made by other executives richer than the 54-year-old Cook.

Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett are among dozens of wealthy people planning to give away their fortunes.

Most of Cook's wealth is tied up in an Apple stock grant he received in 2011 when he succeeded Steve Jobs as Apple Inc.'s CEO. That grant is currently worth about $860 million.