Apple Inc. is often credited as a two-man operation, co-founded by Steve Jobs and Steve Wozniak. However, an often-overlooked figure played a crucial role in its inception: Ronald Wayne. His early contributions provided vital funding for the company, yet he sold his stake just 12 days later for a mere $2,300. This article explores Wayne’s story and the unexpected journey of Steve Jobs, shedding light on how Apple’s co-founder amassed his fortune and the intriguing circumstances surrounding his professional choices.
The Hidden Co-Founder of Apple
Many people are unaware that Apple was actually founded in 1976 by three individuals: Ronald Wayne, Steve Jobs, and Steve Wozniak. Wayne, who provided the company’s initial funding, held a 10% equity stake at the time of its founding. However, just over a week later, he sold his shares back to Jobs and Wozniak for $2,300—making it one of the most regrettable business decisions in history. Today, that 10% stake would be worth approximately $340 billion. Even if he had sold off 90% of his shares, the 1% he retained would still equate to a staggering $34 billion, not to mention the dividends he would have accrued over the years.
The Apple Founders and Their Fortunes
The story of Ronald Wayne often raises questions about Apple’s more famous founders, particularly Steve Jobs. When he passed away in 2011, his net worth was around $10 billion. Surprisingly, the majority of this wealth originated from his investments in Disney rather than Apple itself. How did the co-founder of such a monumental tech enterprise end up with what might seem like a modest fortune?
Founded in the 1970s, Apple took time to gain traction in the tech industry. By 1982, however, its annual revenues surpassed $1 billion. In 1983, Apple hired former Pepsi-Cola CEO, John Sculley, after Jobs famously asked him, “Do you want to spend the rest of your life selling sugared water, or do you want a chance to change the world?” Initially, Jobs and Sculley collaborated successfully, launching the Macintosh computer, famously introduced via the “1984” Super Bowl commercial.
However, their relationship soured over time, as Jobs’s abrasive management style alienated both employees and executives. By April 1984, under pressure from the board, Sculley stripped Jobs of his day-to-day responsibilities, relegating him to a figurehead role. Furious, Jobs began plotting to reclaim control. As tensions escalated, he eventually resigned from Apple in 1985, retaining only one share of stock to receive the company’s annual reports.
Steve Jobs’ Ventures Post-Apple
After leaving Apple, Jobs founded NeXT Inc. with a personal investment of $7 million. Despite initial struggles, NeXT eventually attracted substantial investment from Texas billionaire Ross Perot, leading to its first profit of $1.03 million by 1994. Meanwhile, Apple’s fortune fluctuated, prompting a desire among executives to bring Jobs back. In 1997, Apple acquired NeXT for $427 million, leading to Jobs’s reinstatement as a formal advisor at Apple.
Later that year, he was appointed interim CEO and successfully negotiated a deal for 5.5 million shares of Apple, valued at approximately $300 million at the time. Additionally, Jobs had purchased The Graphics Group, later known as Pixar, from George Lucas for $10 million in 1986. Following difficult years, Pixar eventually released “Toy Story” in 1995, marking a turning point that catapulted the studio to success.
The Disney Acquisition and Steve’s Legacy
In 2006, Disney acquired Pixar for $7.4 billion in stock, giving Jobs a significant share in Disney, valued at nearly $3.7 billion. At the time of his death in 2011, Jobs’s net worth was $10.2 billion, with about $8 billion stemming from his Disney stock, while only $2 billion originated from Apple—underscoring how Disney became a pivotal part of his legacy.
Jobs’s widow, Laurene Powell Jobs, inherited a substantial estate, including shares in both Disney and Apple. Even though she has since sold most of her stocks, she remains a prominent billionaire, with a net worth of around $10 billion. However, had Jobs retained his original 20% stake in Apple, it could have transformed into shares worth about $680 billion today, generating immense dividends as well.
This reflection on Jobs’s journey highlights that while fate can be unpredictable, the paths we take and the choices we make can dramatically alter our destinies.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
