“In the biggest tech IPO of its day, more than 40 out of 1,000 Apple employees become instant millionaires,” Dormehl reports. “As Apple’s biggest shareholder, 25-year-old Steve Jobs ends the day with a net worth of $217 million.”
“Like the IPO of a modern tech giant like Twitter, Apple’s public offering was hotly-anticipated in the press. ‘Not since Eve has an Apple posed such temptation,’ read an article in The Wall Street Journal,” Dormehl reports. “Apple was a big hit. Its IPO was the biggest since the Ford Motor Company had made its own public offering in 1956, one year after Jobs’ birth. Underwritten by Morgan Stanley and the firm Hambrecht & Quist, Apple stock was filed to sell at $14 per share, but opened at $22 and sold out within minutes. That day alone it rose 32 percent a share, which gave it a closing value of of $29 — and a total valuation of $1.778 billion.”
Much more in the full article here.
MacDailyNews Take: That’s good. One less thing…