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Skip to content Open toolbar Accessibility Tools * Increase Text * Decrease Text * Grayscale * High Contrast * Negative Contrast * Light Background * Links Underline * Readable Font * Reset * Employment News * FEATURED CRIME SCENE CLEANERS, SLAUGHTERHOUSE WORKERS AND SEWER CLEANERS-5 OF THE WORST JOBS IN THE WORLD Jul 25, 2022 | Employment News * FEATURED WHO'S GETTING WHAT SALARY? STANDARD CHARTERED SHAREHOLDERS URGED TO REJECT CEO'S $4.7 PAY Jul 25, 2022 | Employment News * FEATURED WHY WALMART HAS A PROBLEM WITH HAVING TOO MUCH STOCK Jul 25, 2022 | Business News, Employment News * Business News * FEATURED WHAT FRAUD? 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WILLIAM THOMPSON WAS THE ORIGINAL "CON MAN" Jul 25, 2022 | Business News, Fraud * FEATURED THE VALUE OF BUSINESS POLICIES AND PROCEDURES Jul 25, 2022 | Business News, News Stories * FEATURED AMAZON BUYS PRIMARY HEALTHCARE FIRM ONE MEDICAL FOR $3.9 BILLION Jul 25, 2022 | Business News * Tech News * More News * Covid 19 * News Stories * World News * Jobs Near Me * Post Jobs RONALD WAYNE: THE MAN WHO SOLD STAKE IN APPLE NOW WORTH $200 BILLION – BUT DOESN’T REGRET IT Posted by Kris Paterson | Jul 1, 2022 | Business News Who is Ronald Wayne? Ronald Wayne was born in Cleveland, Ohio, in 1934 and went on to train as a technical draftsman at New York’s School of Industrial Arts. He then headed west to California, arriving in 1956, and founded a slot-machine company. This was a limited liability company, but he felt so guilty about losing investors’ money when it didn’t work out that he eventually repaid them out of his latest earnings. He went on to take took a job at Atari, where he met a young computer programmer called Steve Jobs. What was the investment? Jobs, having been dissuaded by Wayne from setting up a slot-machine company, included him as a partner in his new venture, a Company called Apple Computers, set up with Steve Wozniak in 1976. Despite drawing up the papers for the company and producing the original logo and some early designs, Wayne got cold feet about being a partner. He worried about having to be liable for any debts the company would incur, and felt that if things went wrong, he was too old to start over, so he in 1976 he sold a 10 percent stake for just $800 (plus an additional $1,500 later on). That stake would be worth around $200 billion now. What happened next? After cutting his ties with Apple, Wayne would remain with Atari until 1978, leaving for Lawrence Livermore National Laboratory and eventually LDF Electronics, before retiring on a modest income. Apple went from strength to strength, the success of the Apple lI computer in 1977 putting it on a path to greatness. By the time it floated on the stock exchange at the end of 1980, it was worth $1.8bn. Despite problems in the mid-1980s and 1990s, it bounced back after the return of Steve Jobs in 1997 and is currently one the most significant companies in the world, with market capitalism of $3 trillion. Lessons for investors Wayne, who is now 87, claims he doesn’t regret selling up and quitting the partnership as the stress of dealing with Jobs and Wozniak would have made him “the richest man in the graveyard”. Still, it might have been a risk worth taking. It’s estimated that, even after being diluted as new investors entered the firm, Wayne’s stake would be worth at least $45bn today. He also made the decision to sell his copy of Apple’s original founding document to a collector for $500-it was later auctioned for $1.6m. Speaking to Business Insider in 2017, he said: “No-one could reign in Steve Jobs, I would’ve wound up the richest man in the cemetery. “I knew that I was standing in the shadow of giants and that I would never have a project of my own. “I would wind up in the documentation department, shuffling papers for the next 20 years of my life, and that’s not the future I saw for myself.” “I never regretted taking my name off the contract. “I’ve never been rich, but I’ve never been hungry either.” Apple is based in Cupertino, California and employs 154,000. It is worth around $3 trillion. Kris Paterson is a writer for WhatJobs.com Follow WhatNews on YouTube, Twitter, Linkedin, and Facebook TAGS: Apple Investments READ NEXT: * From Steve Jobs’ garage to $123 billion profit – the story of Apple * Why an early search engine passed on buying Google for just $750,000 * “Save the world from conformity” – Apple’s incredible “1984” Super Bowl commercial * Truck rental company expansion in Fort Wayne will add 65 more jobs Share: PreviousWhat companies are doing to get staff back to the office – and why workers don’t want to NextGoldman Sachs says Coinbase may need more job cuts as it downgrades to ‘sell’ RELATED POSTS JAGUAR LAND ROVER EMPLOYEE WHO SKIPPED 800 SHIFTS WAS UNFAIRLY DISMISSED A UK TRIBUNAL FINDS January 10, 2021 “GREAT COMPANY CULTURE” – WHY BOSTON CONSULTING GROUP IS ONE OF THE BEST PLACES TO WORK IN THE US May 30, 2022 ROE VS WADE: GOOGLE TO ERASE USERS’ LOCATION HISTORY AFTER ABORTION CLINIC VISITS July 4, 2022 AMAZON LAUNCHES LAWSUIT AGAINST ADMINS OF 10,000 FACEBOOK GROUPS OVER FAKE REVIEWS July 20, 2022 LEAVE A REPLY CANCEL REPLY You must be logged in to post a comment. 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