Trump Says He Called CEO Tim Cook After Apple Announced US Jobs
20 January, 2018, 11:25 | Author: Darnell Taylor
Apple's CEO Tim Cook doesn't like Donald Trump. Apple plans to repatriate nearly $250 billion of its overseas cash, while it will also give employees $2,500 worth of restricted stock units.
Apple announced on Wednesday it is investing billions in American manufacturing, and will spend $30 billion in capital expenditures.
Revealing the news in a press release entitled 'Apple accelerates U.S. investment and job creation', the scheme will also look to create a brand new campus - powered entirely by "green energy" - to house the 20,000 or so fresh workforce in, all by 2023.
But Cook also made a point to credit other motivations for Apple's move to contribute $350 billion to the US economy through paying a one-time tax of $38 billion as it brings back the vast majority of overseas cash holdings that are estimated as high as $250 billion; investing $30 billion more in capital spending in the USA; building a new domestic campus; creating 20,000 jobs; and paying the stock bonus. The U.S. President was practically on cloud nine after Apple unveiled its ambitious investment plan that he personally called and thanked Mr. Cook. He then said he didn't believe at first that it was $350 billion, but thought instead it was $350 million. Now, Axios has obtained the full text of the email Tim Cook sent to Apple employees regarding today's announcements... It will announce the location later this year.
More importantly, Apple's repatriation and reinvestment plan would lead other companies to do the same. Trump also said he doesn't "imagine there's ever been an investment that big in this country by a company". "They're gonna build plants, they're gonna build a big campus, they're really going to town, so we want to thank Apple".
"We've narrowed the list a lot", Cook said in an interview with ABC News as he discussed the potential sites for the new green-energy campus.
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After the speech, Trump continued to praise Apple on its announcement on Twitter.
"I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States", the president wrote.
Apple did not indicate how much, if any, of its cash it would actually bring back to the United States. While those taxes appear to cover almost all of Apple's massive cash hoard, the company has not revealed whether that cash will be used on US acquisitions, research, or dividends and stock buybacks. "Huge win for American workers and the United States of America!"
An Apple spokesman confirmed that the company does not plan to hold a bidding process for the new campus, after Apple chief executive Tim Cook said on Wednesday that he did not want "an "auction kind of process".
"I hope - I have that faith - that it will be used for great objective for the country, whether that's infrastructure or education, or what have you, that will further supply jobs in the U.S", Apple said about the $38 billion tax payment.
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Nonetheless, Apple is one of many companies that have upped expectations for US investment amid scrutiny of Silicon Valley. So, thanks to Trump's tax reform, those Republicans may get to secure their job come the midterm election this year.
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