April 1, 2020, marks Apple’s 44th birthday. The company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne on this day in 1976.
Apple Turns 44
In his comprehensive biography, Steve Jobs, Walter Isaacson describes the three men coming up with the partnership agreement at Mr. Wayne’s apartment. The Steves owned 45 percent each, while Mr. Wayne owned the remaining 10 percent. Unfortunately for Mr. Wayne, he got “cold feet,” and withdrew from the partnership a mere 11 days after founding it. The biography details that in 2010 the 10 percent stake would have been worth around $2.6 billion. Since then, Apple has become a trillion-dollar firm. Sady, Mr. Wayne ended up living on social-security in Nevada. Meanwhile, Jobs and Wozniak went on to produce the Apple I, and the rest is history. The name ‘Apple’ was reportedly chosen because it was soft next to the word computer and put the company ahead of Atari – where Mr. Jobs and Mr. Wayne met – in the phone book.
44 years on, it is a company that spans, and in many cases defines, a variety of industries. Recently, of course, it moved into being a media company and a gaming platform. While there is a growing focus on service, the heart of the company remains making the hardware that it became famous for. Happy Birthday, Apple!