“Apple Computer’s bet on its founder and two-time chief executive Steve Jobs has paid off for investors. Now it is about to pay off for Jobs,” Bloomberg News reports.
“Jobs exchanged worthless options on a split-adjusted 55 million shares for 10 million shares of restricted stock three years ago. The shares, Jobs’s entire stake in Apple, vest in March. Right now, they are valued at $808.6 million,” Bloomberg News reports. ‘It’s a bargain,’ said Chuck Jones, a fund manager at Atlantic Trust Stein Roe in San Francisco. ‘I’d gladly pay him another $808.6 million to have him create another $65 billion in market cap.'”
Bloomberg News reports., “Already a billionaire from holdings in the animation studio Pixar, Jobs is reaping rewards from a comeback at Apple, whose share price has surged almost 11-fold since the option switch. On Tuesday, he said that Apple’s sales reached $5.7 billion last quarter, outstripping the company’s prediction of $4.7 billion, as demand soared for iPod music players and Macintosh computers.”
Full article here.
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