Today is Apple CEO Tim Cook’s birthday (AKA Tim Apple). Apple was valued at $348 billion when Tim became CEO in 2011. The company is now worth $2.4 trillion, which means that, in terms of pure shareholder value, Cook has far outperformed his predecessor Steve Jobs. In terms of putting Apple products in the hands of consumers, only Satan has had more of an impact.

The lowdown

• 🛢 Biden raises the prospect of windfall taxes after bumper oil and gas earnings.

• 🌎 Deloitte selects Joe Ucuzoglu to succeed Punit Renjen as next Global CEO.

• 🐣 Elon Musk ousts entire Twitter Board in continued shakeup of the company.

Featured stories

Jack Dorsey retains Twitter stake

Twitter co-founder and former CEO Jack Dorsey has retained his stake in Twitter, following the company’s sale to an Elon Musk-led consortium. At the $54.20 offer price, Dorsey’s stake was worth close to $1 billion.

Dorsey vacated the CEO position at Twitter in November 2021 (for the second time), supposedly doing so to focus on his other CEO position at Block (formerly Square). It was never clear whether the reason was genuine or whether he was the victim of an activist shareholder campaign run by Elliott Management. Whatever the truth of the matter, his replacement, Parag Agrawal, was able to deliver the shareholder value the Elliott team was after, and at a time when all other tech stocks are crashing (the exception being Apple).

It does appear slightly odd that Dorsey would retain his stake in Twitter given he is building Bluesky Social – what appears to be a Twitter competitor.

The content we're consuming today

• FT: Charlie Munger’s Daily Journal is still betting on stocks ($).

• FT: EY partner pay in UK hits £803,000 as consultants drive profit boost ($).

Off-balance sheet items

• Following on from our discussion of the increased likelihood of shareholder activism in the US yesterday, check out this documentary for a taste of what is to come: Icahn: The Restless Billionaire.

The bottom line