Coyoty (coyoty) wrote,
Coyoty
coyoty

3rd Apple founder sold $22 billion stake for $800 because of cold feet.

Apple Computer Inc. was founded on April 1, 1976 by Steve Jobs, Steve Wozniak, and Ron Wayne.  For ten percent of the stock, Wayne had agreed to be the company's business manager, but after 12 days he got cold feet and sold his shares for $800.  He thought the company was going to go under and make him the target of creditors, but it didn't, and if he'd kept his shares, they'd be worth $22 billion today.  That's assuming his staying with the company wouldn't have caused the failure he anticipated.  His earlier venture in slot machines was a "traumatizing failure", and Wayne says, "That was before I realized I had no business being in business... It came to a disastrous end."  Now he lives on social security supplemented by selling coins, stamps, and gold out of his home.

Tribune Newspapers article.
Tags: apple, business, computers, finance, founder, investment, ron wayne
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