CONTRACT OF SALE OF APPLE ESTABLISHING THE COMPANY SELLS FOR $1.59M @ SOTHEBY’S NEW YORK

A brief three-page contract  establishing Apple has sold for $US1.59 million at Sotheby’s auction house in New York.

A phone bidder acquired the document, signed on April 1, 1976, by Steve Jobs, Steve Wozniak and Ronald Wayne. The price, which includes the buyer’s premium, soared past the estimated presale range of $US100,000 to $US150,000.

The contract was initially owned by Wayne, who met Jobs while working at Atari Inc. Wozniak, a friend of Jobs, worked at Hewlett-Packard Co. Jobs enlisted Wayne to persuade Wozniak to join Apple. His success in doing so earned Wayne a 10 per cent share in the new company.

Eleven days after signing the contract, Wayne withdrew from the partnership… The move is documented by a County of Santa Clara, California, statement and an amendment to the contract, both of which were included in the Sotheby’s lot. Wayne received $US800 for relinquishing his 10 per cent ownership of Apple, according to the document. He subsequently received an additional payment of $US1500, according to Sotheby’s.

Based on Apple’s market capitalisation today, Wayne’s 10 per cent stake would be valued at more than $US36 billion.

Jobs died at 56 on October 5.

In an October 7 interview with Bloomberg, Wayne, 77, called Wozniak and Jobs “intellectual giants”, but “also felt it was going to be something of a roller coaster”, adding, “If I’d stayed with them, I was going to wind up the richest man in the cemetery.”

Sourced & published by Henry Sapiecha

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