“Apple Inc. Chief Executive Officer Steve Jobs, who received $1 in salary last year, may reap a potential profit of $13.7 million by exercising options to buy shares,” Phil Serafino reports for Bloomberg.
“Jobs bought 120,000 shares for $5.75 apiece this week, according to a regulatory filing yesterday. The Cupertino, California-based company gave Jobs the options under a 1997 plan for directors, according to an April filing. Jobs hasn’t sold the shares and has no plans to do so at this time, Apple said,” Serafino reports.
“Jobs now owns 5.55 million Apple shares, worth about $665 million, based on yesterday’s closing price. His options on the 120,000 shares would have expired Aug. 14,” Serafino reports.
Full article here.
I think you stop counting after you’ve become worth more than a billion.
I thought he traded in his options for shares, but I guess these are from an earlier grant. $5.75 a share – that was a long time ago…
You have to admire the man for only taking a $1 salary. Since he gets most of his earnings from shares. If the company doesnt make money, he doesn’t. That is incentive enough to make the company profitable.
It makes my 200 shares pale in comparison.
@MacTech84
Yeah, but like Cedric said. The man is so frickin rich already, does he really even need to make more? Does it even make a difference if Apple pays him a $1 dollar salary or a 10 million dollar salary?
He could buy a one million dollar house every single day for an entire year and that 365 million dollars spent wouldn’t even make a dent in his net worth of nearly 6 billion.
Rich people are so boring. If I were that rich, I would plan and execute elaborate hoaxes just to mess with people.
I would also do strange things like go around buying things in vending machines and then leaving them in the slot, or filling the change slot with coin returns.
Then again, people who are rich generally aren’t the type to waste money, as that’s part of why they’re rich.
It’s not about the money – it’s about PWNING Billy Gates year after year.
Money DOESN’T matter now, it’s all ego and wanting to be the king.
All hail the king!
@ Fighter of Freedom
How about leaving $100 bills, cut exactly in half everywhere you went. With only 50% of a bill, it can’t be cashed.
Talk about messing with people!
So basically when he files income tax, how much of tax break is it since he makes only $1 of annual salary? I’m sure his stock sales and purchases come into play, but it’s smart from a tax standpoint as well I would think.
Amen “Mac Tech84” 3 cheers to Steve
@Fighter of Freedom
You should read The Magic Christian by Terry Southern or, barring that, see the film with Peter Sellers… both are great! You will find that your idea was already thought.
http://www.amazon.com/Magic-Christian-Southern-Terry/dp/0802134653
Only by owning more than 50% of Apple can Steve Jobs guarranty that the company stay headed in the direction of His Chosing and us Sheep blindy follow.
I’ll become faithful again when the security issues dissapear for at least three years and the matte screens return.
Till then, PRAISE UNCLE FESTER!!
throw me a chair will you buddy?
Quack
Only 120,000 shares?! Holy crap, I wish I could buy Apple shares at $5.75 apiece. I’d buy like 500,000 kazillion.
Ok, let’s see if I know how to figure this properly –
Steve has about 5,500,000 shares
Last Quarter’s Results show ‘profit’ of $0.92 per share (‘diluted’, whatever exactly that is?)
http://www.apple.com/pr/library/2007/07/25results.html
Am confident that Steve hasn’t ‘cashed-in’ (m)any shares along the way. So that $665,000,000 is just on ‘paper’, which is to say it’s meaningless unless the stock shares are sold, yes ?
Therefore – along with the $1.00 per year, he got paid about $5,000,000 in real cash last quarter on his ‘share profits’, yes ?
And all of you other ‘shareholders’ also get a check/cash (or eggs/chickens/or something else of ‘value’) for $0.92 for each share you hold ?
Is that pretty much correct ?
Thanks, BC
I’m just peeved about the $30 our shares have lost in the last few weeks… 🙁
Who cares how much Steve Jobs earns so long as he remains at Apple, helping to give use all the ability to buy and appreciate well designed, useful and high quality products. Luck us!
With the discussion on his income, it is not about buying personal toys or comforts, he has gone way past that. It is about the control of companies such as Apple and Disney with such a vast share holding and being able to make a mark his own way, having control.
“‘s not about the money – it’s about PWNING Billy Gates year after year.”
Except you can’t find a year where Steve outdid Bill
BC Kelley
Apple does not pay dividends to shareholders. If an owner wants to put cash into their pocket shares must sold.
While Steve Jobs does not take home any cash from Apple (ok $1), his dividends paid by Disney are more than enough to keep the household going.
Well, J. P. Morgan said, “If you can count your money, you’re not a billionaire.”
Benton, appreciate the info
So, did that $0.92 per share last quarter just go into the value of each share?
Would it be treated like ‘interest’ which accumulates, is not reflected in the ‘given value’ of the stock, but is collected at the time the stock is finally sold ?
Can’t imagine it, so to speak, just disappears, yes ?
Reason I’m belaboring this point is to make a point about Steve and what appears to be his ‘true’ desire – to not make money, but change the world. And THAT makes him, and Apple, very dangerous to the ‘system’ which will continue to do all it can to discredit and destroy him and Apple because of the potential consequences they present to the status quo of greed, Wall Street, and society/culture/politics as ususal.
Thanks, BC
Bill Gates bailed out Apple years ago and was a massive share holder of Apple and possibly still is. He also has given away a vast amount of his fortune to good causes.
Thank God for people with vision such as Steve and Bill, they came from nothing to be where they are now after many years of toil and huge success. The money they have gives them the luxury of power, influence, the ability to take risks many of us could not dream of.
@ BC Kelly
As Benton hinted Apple does not pay dividends so the earnings of the company (i.e. $ 0.92 per share for the last quarter) become part of their assets thus increasing the value of the company. But to make things a bit complicated the stock markets tend to value a stock by a multiple of its earnings and not by its assets.
My view is that Steve simply loves what he does. Do not all of us love to have influence and success and to be admired for what we do? That’s a motivation beyond money. Amen.
“Bill Gates bailed out Apple years ago and was a massive share holder of Apple and possibly still is. He also has given away a vast amount of his fortune to good causes.”
There are so many things that are flat out incorrect and misleading with both of these statements that have been explained ad nauseam on this site and many, many others. You have the most extensive and powerful research tool in the history of mankind at your disposal. Take a few minutes to learn just a little more before making such statements. It’s amazingly simple to do.
With the greatest respect; having done private work for David Svendsen the Ex-Chairman of Microsoft Europe, having owned and been a great fan of Apple over the last 18 years since I started my business I have some knowledge. Which your comments show you lack or have some other agenda.
Facts are facts.
What a great comeback with no substance with all due respect. Nice.
“I have some knowledge.” Obviously.
“Bill Gates bailed out Apple years ago . . .”
So, you’re standing by this statement? Any thoughts on stolen QuickTime code?
“Which your comments show you lack . . .”
Prove it.
“a massive share holder of Apple”
Really? Bill personally owned a “massive” chunk of Apple Inc.? Were those voting shares that “possibly” are still owned? Please enlighten me master of some knowledge.