Ronald Wayne once owned 10% of Apple. Today, that stake would be worth roughly $400 billion. Instead, he sold it for $800.
It’s the kind of decision routinely labeled one of the worst business mistakes in history — especially now that Apple is valued at around $4 trillion. But Wayne, now 91, doesn’t see it that way.
“My success has never been defined by money,” he wrote in a recent statement to Fortune. “It’s been defined by acting with clarity, integrity, and sound judgment, given what I actually knew at the time.”
Wayne’s situation was different from that of his younger partners. At 41, he was the “adult in the room,” he said, with a house, a car and personal savings he couldn’t afford to lose. If the business failed, he feared creditors would pursue his personal assets to cover losses. For him, the downside risk was potentially devastating.
So just 12 days after signing the founding agreement, Wayne sold his 10% stake for $800. He later accepted an additional $1,500 to fully relinquish any future claims.
With the benefit of hindsight, it looks like a catastrophic financial mistake. But based on the information available at the time, it was a calculated decision to limit risk, not chase an uncertain payoff.
MacDailyNews Take: Ron is a unique individual. Not sure we’d have lasted 50 seconds, much less 50 years and counting, trying to live with the consequence of that decision.
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What’s done was done, can’t change the past.
He’s had a long life, so he’s fortunate in some way. Steve Jobs may have been wealthy, but he most likely would have traded it all for a longer, healthy life. And it’s not as though anyone needs $400 billion just to enjoy life.
Yeah…200 would do.
I commend him — he made the right decision for himself at the time, given what was before him — and didn’t look back with regrets. A very mature attitude. More power to him!
I don’t think this true. The company created millions of new shares for the IPO and he would not have gotten any of those since he was not involved with running the company.