Hardly anyone knows the American Ronald Wayne. However, Wayne was the third founder of Apple alongside Steve Jobs and Steve Wozniak. He ended his involvement with the company after a short time, returning his 10% company shares. These would be worth hundreds of billions today.
Apple’s success story is almost unparalleled. Founded in 1976, the company has a long and successful history to look back on. However, even in its early days, the young company had to do without one of its three founders.
You will find out why Ronald Wayne, the partner of Steve Jobs and Steve Wozniak, quickly left Apple and thus gave up a lot of money in this article.
10% of Apple’s shares are now worth 295 billion dollars
Who is Ronald Wayne? Ronald ‘Ron’ Wayne is an American entrepreneur. He was the third co-founder of Apple. His two business partners were none other than Steve Jobs and Steve Wozniak. Wayne met the two a few years before the founding of Apple.
Previously, they were colleagues at Atari and met this way. During a several-hour discussion at Ron Wayne’s house, Steve Jobs is said to have suggested starting an IT company together. On the historic date of April 1, 1976, Apple was finally founded.
Why did Wayne sell his shares in Apple again? A few years earlier, Ronald Wayne experienced a major economic failure with the distribution of slot machines. This made him risk-averse towards expensive business ventures.
When Apple began to invest large sums of money, he reportedly saw his personal fortune in danger. One of these investments was paid with a check that is now worth $135,000. From a legal standpoint at the time, each of Apple’s founders was personally liable for the debts of the other two partners. Additionally, he saw his professional future less in the documentation systems that Wayne had already developed at Atari and adapted for Apple.
For these reasons, Ronald Wayne left Apple after a short time. In doing so, he returned his shares for a sum of $800 to Steve Jobs and Steve Wozniak. The 10% of Apple would be worth 295 billion dollars today.
How did Wayne get his shares? When Apple was founded, the three partners agreed that Jobs and Wozniak would each receive 45% shares and Wayne would receive the remaining 10%. This made him a sort of decision-maker. For example, the original partnership agreement concerning Apple originated from him.
Wayne also created the documentation for the Apple I computer and designed the first logo for Apple (known as Apple Newton). He also briefly had administrative oversight as part of his responsibilities.
The time after Apple
What did he do after his time at Apple? Wayne returned to Atari for two years. After several other professional stations, he spent his last working days running a stamp shop. Additionally, he was contacted several times by Steve Jobs, who unsuccessfully tried to bring Wayne back to Apple. Wayne was not the only employee that Steve Jobs wanted to bring back into the company.
He is now 89 years old and has been retired for a long time. In his retirement, he is engaged in selling stamps and coins, with sales taking place from his modest home in a small town in the Nevada desert.
Did Wayne regret selling his Apple shares? According to his own statements, he did not regret the sale. He later said: “Would I like to be rich? Everyone would like to be rich, but I couldn’t keep up with the pace. I would be rich, but I would be the richest man in the cemetery.” (via wikipedia.org)
He was convinced that Apple as a company would become successful. Still, he saw the financial risks from potential setbacks that he personally did not want to take.
