Tim Cook has been the CEO of Apple since August 2011, when he took over from co-founder Steve Jobs.

Despite a net worth of more than $1 billion, Cook was rejected from getting the Apple Card from his own company.

Here’s the story.

What Happened: The Apple Card launched in August 2019 through a partnership between Apple Inc (NASDAQ:AAPL) and Goldman Sachs Group (NYSE:GS). More than three years later, Goldman Sachs is now ready to make an exit from the venture.

Goldman Sachs said it is losing money due to rising rates and wanted to move on from the partnership that saw it as the exclusive issuer of the Apple Card.

The large financial company’s proposed exit came after the two companies partnered together on high-yielding savings accounts and Apple’s Pay Later alongside the Apple Card.

A new report from The Information highlighted the conflicts from the start of the partnership including Goldman Sachs wanting to control the logo on the front of the card, only to see the Apple logo on the front and the Goldman Sachs and Mastercard Inc (NYSE:MA) logos on the back.

The exit by Goldman Sachs could face roadblocks as Apple has the power to veto attempts according to the report.

While some see the Apple Card business going to American Express Company (NYSE:AXP), this could face struggles with Mastercard being the card processor.

Along with details about the failing relationship between Apple and Goldman Sachs, The Independent shared an interesting fact about Apple Card.

Apple Card has around 10 million users as of early 2023 according to the report.

Related Link: 5 Things You Might Not Know About Apple CEO Tim Cook

Tim Cook Rejected From His Own Company’s Card: Despite being the CEO of Apple and worth an estimated $1.9 billion today by Forbes, Cook wasn’t able to get approved for the Apple Card.

Cook was rejected by the Goldman Sachs approval process.

According to The Information, the rejection happened shortly before launch and led to an all-nighter pulled by engineers from Apple and Goldman Sachs.

The underwriting system from Goldman Sachs is said to have rejected Cook’s application due to executives often being impersonated by fraudsters. Goldman Sachs was eventually able to overwrite the rejection and get Cook approved for the Apple Card.

Since Cook became the CEO of Apple in 2011, shares of the technology giant are up over 1,300%. 

Read Next: Tim Cook's True Reason For Joining Steve Jobs In Apple's Journey: It Wasn't About The Money 

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