Meet man, who missed becoming one of world's richest person ...
Apple is once again the world’s most valuable company, with a market value of $3.858 trillion greater than the GDP of many countries. The company’s integration of ChatGPT into its devices has contributed to a surge in its stock, boosting its market cap significantly.
The market capitalization of iPhone and iPad maker Apple is nearing the $4 trillion mark. Currently valued at $3.858 trillion, Apple has seen a 16% increase in its stock since November, adding $500 billion to its market cap. This growth is driven by the company’s decision to integrate ChatGPT into its devices, which has sparked investor enthusiasm.
However, Apple’s incredible journey highlights the story of one of its co-founders, Ronald Wayne, who once owned a 10% stake in the company. If he had held onto those shares, Wayne would have been the second-richest person in the world today, just behind Elon Musk.
Ronald Wayne co-founded Apple alongside Steve Jobs and Steve Wozniak. At the time, Wayne, aged 42, was much older than his colleagues. Jobs was 25, and Wozniak was 21. Wayne was tasked with overseeing mechanical engineering and documentation for the fledgling company and was rewarded with a 10% stake. Today, those shares would be worth $385 billion, placing him behind only Elon Musk, whose net worth is $451 billion. Jeff Bezos, with a fortune of $244 billion, currently holds second place.
Fate, however, had different plans. Wayne’s confidence in Apple waned within just 12 days. He feared that the loans taken out by Jobs such as a $15,000 loan might burden him personally if the business failed. Unlike Jobs and Wozniak, who had little to lose, Wayne owned a house and other assets. He worried that a failed venture could cost him everything. As a result, Wayne chose to remove his name from the company’s contract and sold his 10% stake to Jobs and Wozniak for a mere $800.
Surprisingly, Wayne harbors no regrets over his decision. In a later interview, he said he felt there were limited prospects for him at Apple. “I would have spent the next 20 years in the documentation department reviewing papers,” he remarked. “I was over 40, and they were in their early 20s. For me, it was like being the tail of a lion.” While he accepts his choice, Wayne does admit to one lingering regret.
Years later, Wayne lost a second opportunity to benefit from Apple’s success. In 1976, he had kept Apple’s original founding contract but eventually sold it in 1990 for just $500. Reflecting on the decision, he said, “The contract had been sitting in my drawer collecting dust. I thought, what use is it to me?” In 2011, that same contract was auctioned for $1.59 million.
Wayne’s story serves as a poignant reminder of the unpredictability of decisions in business and life.
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