Justin Kase Conder asks The Associated Press’ Jessica Mintz: “The AP recently reported that Steve Jobs took a $1 salary in 2009. In the same story, it is also indicated that he hasn’t cashed in any of his Apple stock since 1997. The question remains: How does the guy maintain a lavish lifestyle? Where does his money come from?”
Mintz replies, “Apple Inc. won’t let us peek into Steve Jobs’ personal bank account, so we’re going to have to rely on some facts and some educated guesses to answer this one.”
“Apple went public in 1980. From then to when Jobs was forced to resign in 1985, he was likely paid a salary and may have sold some stock,” Mintz reports. “The Associated Press reported that in the summer of 1985, Jobs sold about $14 million worth of Apple shares. So one guess is that Jobs hired a savvy money manager to invest at least some of those earnings.”
“Jobs returned to Apple in 1997, and has been paid $1 a year since 1998. He currently owns about $1.2 billion worth of Apple stock,” Mintz reports. “Jobs also holds $4.4 billion worth of Walt Disney Co. stock, which he received when he sold Pixar Animation Studios to Disney in 2006. Disney pays investors an annual dividend of 35 cents per share. For Jobs, who has about 138 million shares, that comes out to about $48 million a year.”
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