IOS
42 years ago today, Steve Jobs became a millionaire. He did it in less than eight hours
Steve Jobs’s great fortune is often talked about. Fortune that can be seen reflected in the superyacht that he owned or that allowed him to drive without a license plate, for example. And this that at Apple charged… nothing more than a dollar a year. But, How did Steve Jobs become a millionaire?
Disney stocks maybe? You are right. And no. There was a specific moment in time when Steve Jobs became a millionaire. It was exactly 42 years ago and he did it in less than eight hours., nothing less. An important day, without a doubt. Let’s go over it.
Millionaire in a few minutes, in fact
The expectation was in the air. Apple’s IPO (public takeover offer) had been in the media for a long time and attracted the attention of both professionals and the curious. At the time, the Wall Street Journal was publishing no less than “Apple hasn’t been so tempting since Eva’s time”. Similarly, a Merrill Lynch analyst claimed that while his brother “only invested in the stock market on Tuesdays in leap years,” he had called asking about a company that was attracting attention in Cupertino.
The truth is that the expectation was justified. Apple’s was the largest IPO since Ford Motor Company’s in 1956, the year Steve Jobs was born.. At the time, Apple was expected to launch its shares at $14 each, yet it was decided, almost at the last minute, to launch at $22. They were all sold in just a few minutes.
The Cupertino company closed that day on the stock market with a value of 29 dollars and having positioned itself with a market cap of $1.778 billion. A staggering 4.6 million shares valued (initially) at $22 that made 40 of Apple’s 1,000 employees millionaires in just one day’s work.
217 million dollars of heritage
The atmosphere at Apple was one of total celebration. Yes ok Steve Jobs had amassed no less than 217 million dollars, he was not the only one. The company’s then CEO, Mike Scott, received $95.5 million, while Mike Markkula, one of the company’s early investors, received $203 million. Steve Wozniak received 116 million.
Champagne flowed through the offices as some employees hung a large prop thermometer in the Apple offices to mark how hot the market was with the company’s entry. The news was great, although it had a nuance.
The money from the newly purchased shares could not be converted into cash. Some employees say that, although they now had a great fortune, his state of mind was directly tied to the Dow Jones. At least until a year had passed, when they began to be able to sell some of the shares to receive the liquidity that had to bring them stability.
From then on, the Cupertino company began to reward some of the employees with shares, something that it continues to do today and that allowed some employees to amass large amounts of money. Although Tim Cook affirms that he does not watch the stock market on a daily basis, since he runs Apple thinking in the long term, his actions continue to attract the attention of many and generate headlines. Quarter after quarter, Apple breaks records, and it all started the day that, in just a few hours, the company became much more than a millionaire.
In Applesphere | Tim Cook earns 3 million times more than Steve Jobs. Although the figure has a trick
Via | cultofmac
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After just a few days of pre-orders, the lively Ming Chi Kuo can already give the main trends in iPhone sales for the current and coming quarter. For the analyst, there are no doubts: the new iPhone 15/15 Pro range is a huge success, and Apple should distribute 80 million copies until the end of the year compared to 76 million for the iPhone 14/14 Pro range. Surprisingly, the 15 Pro Max model is popular with buyers, and Kuo estimates that Apple will sell 35 million of this model (Q3 and Q4), or 7 million more 15 Pro Max compared to sales of the 14 Pro. Max over the same period.
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