[muglo] lost apple founder

  • From: jim taylor <hawkink@xxxxxxxxxxxx>
  • To: muglo@xxxxxxxxxxxxx
  • Date: Mon, 14 Jun 2010 21:47:00 -0400

From Wikapedia

Wayne was born in Cleveland, Ohio, United States.[citation needed] He worked with Jobs at Atari before the two men and Wozniak founded Apple Computer on April 1, 1976. Serving as the venture's "adult supervision",[2] Wayne drew the first Apple logo, wrote the three men's original partnership agreement,[3] and wrote the Apple I manual. [2] Wayne received a 10% stake in Apple but relinquished his stock for US $800 less than two weeks later, on 12 April 1976. Legally all members of a partnership are personally responsible for any debts incurred by any partner; unlike Jobs and Wozniak, both 20, Wayne had personal assets that potential creditors could seize.[1] The failure of a slot machine company he had started five years earlier also contributed to his decision to exit the partnership.[2] Later that year, venture capitalist Mike Markkula helped develop a business plan and convert the partnership to a corporation. Wayne received another check, for $1,500, for his agreement to forfeit any claims against the new company.[2] In its first year of operations (1976), Apple's sales reached US$174,000. In 1977, sales rose to US $2.7 million, in 1978 to US$7.8 million, and in 1980 to US$117 million. By 1982 Apple had a billion dollars in annual sales; Wayne's stake could have been worth as much as US$1.5 billion. He claimed that he did not regret selling the stock as he had made the "best decision with the information available to me at the time."[4] Wayne also stated that he felt the Apple enterprise would be successful, but at the same time there would be bumps along the way and I couldn't risk it. I had already had a rather unfortunate business experience before. I was getting too old and those two were whirlwinds. It was like having a tiger by the tail and I couldn't keep up with these guys.[3] After Apple Wayne worked at Lawrence Livermore National Laboratory and a Salinas, California electronics company. He is retired and sells stamps, rare coins, and gold from his Pahrump, Nevada home, and has never owned an Apple product.[2][5]
jim

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