Tim Cook was turned down for an Apple Card, report says. That's absurd.

• Tim Cook was turned down for an Apple Card at first, The Information reported.
• The Apple CEO was denied his own company's credit card as he's a popular target for fraud.
• The billionaire has taken Apple to new highs, and counts Warren Buffett as a shareholder.

Tim Cook's application for an Apple Card was initially rejected, The Information reported this week.

Apple's CEO couldn't get approved for his own company's credit card during test runs ahead of its launch in August 2019, four sources told the tech-news outlet. Cook was denied because his public profile makes him a target for impersonation, and credit bureaus flag the accounts of famous people like him.

Goldman Sachs, Apple's underwriting partner, ultimately made a one-off exception to grant Cook a card, The Information said. Apple and Goldman didn't immediately respond to a request for comment from Insider.

Cook's rejection wasn't a reflection of his finances or credit score, but it's worth underscoring the scale of his wealth. The Apple CEO's net worth stands at $1.9 billion, Forbes estimates. Moreover, his target compensation for this year alone is $49 million, comprising a $3 million base salary, a $6 million cash bonus, and a $40 million equity award that will vest over time and based on his performance. Cook's target compensation last year was even higher, at $84 million.

The Apple chief is paid so well because he's overseen remarkable success. Apple stock has soared by about 14-fold since he took the CEO reins from cofounder Steve Jobs in 2011. The iPhone maker's market capitalization has grown by $2 trillion as a result, making it the world's most-valuable public company.

Cook's leadership has also attracted high-profile investors. For example, Warren Buffett plowed more than $30 billion into Apple between 2016 and 2018, and the tech stock is easily the most-valuable holding in Berkshire Hathaway's portfolio today. He's also hailed Cook as "one of the great managers of all time."

The tech executive's vast wealth, spectacular success, and ringing endorsements underline the absurdity that he was turned down for an Apple Card, even if it was during a test run and due to fraud concerns.