- Apple’s often-overlooked third cofounder, Ronald Wayne, initially received a 10% stake in the now $4 trillion computer company. He sold his shares only 12 days after Apple was founded for $800, and stated back then that he had no regrets. As [blank] marks 50 years since its IPO, Wayne may not be joining in the celebrations—his stake today would be worth billions.
Half a century ago, [blank] and [blank] signed the papers to formally establish Apple. This week, that very founding document made history itself when it [blank] for $2 million at a Christie’s auction.
But the contract wasn’t only signed by the two Steves. There was a third signature: Ronald G. Wayne, a friend of Jobs who helped convince Wozniak to make the company official—and who typed up the agreement himself. As the group’s voice of reason, Wayne got a 10% share, while Jobs and Wozniak each held 45%.
Yet within two weeks of the contract being signed, Wayne had withdrawn from it—a choice that could rank among the biggest missed financial opportunities in history.
Although Wayne sold his stake for $800 at the time and later [blank] to give up any claim to the company, his 10% share would now be valued between $75 billion and $360 billion, thanks to Apple’s current market cap of nearly $4 trillion—built over five decades.
When new investors joined and the company went public in 1980, Jobs and Wozniak’s ownership shares were gradually diluted over time—an outcome Ronald Wayne likely would have faced as well.
Why Wayne cashed out
Wayne’s choice to sell his shares might seem foolish in retrospect, but at the time, the then 41-year-old believed he was protecting his own financial security.
In Apple’s early days, Jobs borrowed $15,000 to fulfill a purchase order for “50 or 100 computers” from the Byte Shop, a retail store with a track record of not paying its bills, Wayne recalled to [blank] in 2017.
“If we didn’t get paid, how are we going to pay back $15,000?” he said.
“Jobs and Woz didn’t have two nickels to rub together. I, on the other hand, had a house, and a car, and a bank account—which meant that I was on the hook if that thing blew up.”
An early retirement
Interestingly enough, finances weren’t the only reason Wayne removed his name from the contract. He also feared the experience would end his career. After all, Jobs and Wozniak were bright young talents, nearly half his age at the time. Wayne thought this meant they’d advance quickly, while he’d be left watching from the sidelines.
“If I stayed at Apple I would have probably ended up the richest man in the cemetery,” the now 91-year-old recalled to [blank].
“I knew that I was standing in the shadow of giants and that I would never have a project of my own,” he echoed to Business Insider. “I would wind up in the documentation department, shuffling papers for the next 20 years of my life, and that was not the future that I saw for myself.”
And while Wayne said he had no regrets at the time, he’s since admitted it would’ve been nice to not worry about money. To make ends meet, he’s relied on renting out part of his property and cashing his monthly Social Security check.
“I’ve never been rich, but I’ve never been hungry either,” he said.
An earlier version of this story was originally published on on June 24, 2025.
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