One of the co-founders of Apple, Ronald Wayne, made perhaps the biggest mistake of his life in 1976. In fact, it was probably one of the biggest financial blunders in history. If it isn’t the worst decision ever, it is up there among them. I can hear a lot of you now asking why? Well, he gave away a fortune for literally a handful of cash.
What’s the biggest financial mistake that you have ever made? Have you lost a few dozen dollars, perhaps a few hundred or thousand dollars. In reality, any amount of lost cash hurts, whether or not it’s a large sum or not, or it was lost in a bad decision or by an accident. Losing money hurts. But regardless of what you or anyone you know has lost, this poor guy makes just about any figure appear to be minuscule.
The biggest company in the world is Apple, and it has made many millionaires since it was established in 1976. But it wasn’t always that way, and one bad decision cost one man a huge fortune. You see, co-founder of Apple, Ronald Wayne didn’t seem to have faith in the start up company, and by the end on 1976 he was no longer a part of what was to become a technological revolution. He was unsure how long it would take for it to become successful, or the amount of work and time he would have to invest. Even more bizarrely, he doesn’t seem to regret the decision he made!
In the early days of its life Apple inc. was a struggling company founded by three men, Steve Jobs, Steve Wozniak and Ronald Wayne. The company was so small it was even being run from Jobs own garage. Apple began to grow and was incorporated in 1977 with the help of multimillionaire Mike Markkula. However, when it was incorporated Wayne was not a part of the company. Only twelve days after the company was started, he had sold his share of Apple to Jobs and Wozniak, for $800. Only $800.
You read that correctly. Ronald Wayne sold his share in Apple, a company that is now the biggest company in the world for only $800. Today his share of the company would have been worth approximately $35 billion! I have only one word to describe such a decision. OUCH!
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