This is a story of a missed opportunity. Get ready, you will shake your head at what this contract really means.
On April 1, 1976, Apple Computer was founded. (Motley Fool) It really was no amazing feat because all that really meant was that three friends met in a bedroom. That is a little different than the story of folklore that it all started in a garage.
Steve Jobs, Steve Wozniak and Ronald Wayne, formed Apple. Jobs had given Wayne a 10% interest in the company. Jobs had decided that he needed Ronald Wayne to help serve as a tie breaker over conflicts between Jobs and Wozniak. They apparently were notorious in their arguments.
Wayne got nervous when they all had to go into debt to fulfull an order for computers that were being sold to a company called the Byte Shop. All three were going to be jointly responsible for the business loan.
Wayne had just come out of a difficult financial situation, so he got nervous over being possibly personally responsible for the business loan. In his mind, he was thinking that it would cause him to go bankrupt. So, he renounced his ownership of the 10%, for a one-time payment of $800.
When Apple went public, its market value at that time was 1.6 billion. Easy math tells us that Wayne’s share would have been 160 million right then. Of course, it would have gone into the billions if he had not sold his shares.
Now, here’s the kicker. That picture that started this blog is the contract for the $800 sale. At the end of 2011, that original contract sold at a Sotheby’s auction for $1.35 million. Unfortunately, Wayne did not even own that. The contract was worth more than his share of his Apple ownership stock.
Today, Wayne lives off Social Security and receives some income from his hobby of stamp and coin collecting. Ironically, he has never owned an Apple product.
He came to a fork in the road back then… and he took it. Choices.
I knew that this story would just make you shake your head. Well, I’m not sure it will make you put on your Superhero costume, but… yes, shake your head.
And for our DID YOU KNOW from the computer world. Bill Gates, the founder of Microsoft, was a college drop out.
And for pic o’ day, I call this some advice on barking: (the most interesting dog in the world?)