Apple Pledges To Boost U.S. Manufacturing Jobs With New $1B Fund
Apple CEO Tim Cook has announced plans to invest $1B into U.S. advanced manufacturing jobs through a new fund.
Cook said the company will unveil its first investment this month, adding that he hopes the investment will trigger more job creation in the sector, CNBC reports. The move comes as more companies, most recently outsourcing firms, pledge to create more U.S. jobs in response to President Donald Trump’s announcement that he will penalize companies that harm U.S. job creation.
Apple has already created 2 million U.S. jobs overall, and while Trump’s threat could have influenced this decision, experts say Apple was already interested in U.S. advanced manufacturing. While the $1B fund is sizable, Apple is the world’s most valuable public company and, according to its Q1 earnings report, has $257B in cash and marketable securities, making this investment relatively small.